Genting HK expects weaker FY14 profit of at least US$330m

GENTING Hong Kong expects 2014 net profit of at least US$330 million, a drop from comparable year-ago figures, mostly due to one-off items.

Genting Hong Kong's Norwegian Cuise Line Holdings associate unit posted a US$25.6 million net loss for the three months ended December, down from a US$36.1 million year-ago profit.

But for the full 2014, Norwegian Cruise Lines' net profit was US$338.4 million, more than triple the year-ago US$101.7 million profit.

Genting Hong Kong said its share of the Norwegian Cruise Lines profit will be about US$95 million, up from the US$38 million share in 2013.

Excluding the results of Travellers International Hotel Group, which has yet to report its results, Genting Hong Kong expects net profit for 2014 to be at least US$330 million, which would be lower than the comparable profit of US$521 million from 2013.

The expected decrease is partly due to a drop in gains from the disposal of shares in Norwegian Cruise Lines, which was US$452 million in 2013 but will be US$153 million in 2014.

Genting HK also recorded US$219 million in gains from the disposal of stakes in Norwegian Cruise Lines and Travellers in 2013, but there will be no such gain in 2014.

Genting Hong Kong expects to report its results in March.