Genting HK flags narrower loss of up to US$270m for FY17

GENTING Hong Kong on Thursday warned that the group is expected to record another net loss for the year, but it will be smaller compared to the preceding year's.

Based on a preliminary assessment of the latest unaudited data, the consolidated net loss for FY2017 is expected to range from US$240 million to US$270 million, against a year-ago consolidated net loss of US$537 million, said the cruise company. Both sets of figures exclude its share of results of Travellers International Hotel Group.

In a filing to the bourse, Genting Hong Kong said the improvement is attributable to a one-off gain of US$205 million from the sale of Norwegian Cruise Line Holdings (NCLH) and the absence of an impairment on NCLH shares of US$305 million in 2016.

This was offset by start-up losses in the Dream Cruises brand for World Dream and the repositioning of Genting Dream to Singapore in November 2017, Crystal Cruises brand extensions in river cruises and the launch of AirCruises, among other reasons.

The audited consolidated results of the group for the year ended Dec 31, 2017, are expected to be announced in March 2018.