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Genting HK plunges deeper into the red for H1

GENTING Hong Kong plunged further into the red with a net loss of US$203.2 million for the six months ended June 30, deepening from a loss of US$54.6 million for the same period a year ago.

Revenue for the period was US$532.5 million, up from US$435.8 million, on the back of an increase in revenue from cruise and cruise-related activities.

Loss per share was 2.38 US cents, up from 0.63 US cents a year ago.

Total operating expenses, excluding depreciation and amortisation, increased 38.5 per cent to US$477.5 million mainly due to the full six months' operation of cruise ships Genting Dream and Crystal Mozart, startup costs of new Crystal river ships and AirCruises operations, and full six months' startup and newbuild activities of the shipyards in Germany to gear up for the Global Class and Endeavor Class ships in 2017 as compared with its two months' post-acquisition activities in H1 2016.

Total depreciation and amortisation increased 49.3 per cent to US$86.1 million, primarily due to the additional full six-month depreciation of Genting Dream and Crystal Mozart and shipyards in Germany acquired in April 2016.

An interim dividend of US$0.01 per ordinary share for the six months ended June 30, 2017, was declared. None was declared in the same period a year ago.