Genting sets course for loss reduction with cruise investment

Genting Hong Kong Ltd has announced it expects to reduce H118 net loss to between $150m and $170m, down 17 percent from a $205m figure for the same period last year.

The entertainment and casino firm, a subsidiary of Malaysian group Genting Berhad, posted net loss of $502.3 in 2016, but has since reduced the deficit through investment in cruise operations.

“The improved performance of the cruise segment is partially offset by a lower cost capitalisation in the shipyards for the six months ended 30 June 2018,” said a statement from the company.

Keel laying of the 20,000 gross ton Crystal Endeavor and the first 204,000 gross ton Global Class ship in August and September of this year is expected to “increase the rate of production and cost capitalisation.”

Losses were also reduced by the $205m sale of shares in Norwegian Cruise Lines in 2017, as well as a 5.6 percent stake in Australian operator The Star Entertainment Group.