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Genting Hong Kong issues profit alert, says at least US$2b full-year profit expected
GENTING Hong Kong on Tuesday issued a profit alert, saying that its net profit for the year ended Dec 31, 2015 is expected to be at least US$2 billion - a massive increase from the net profit (excluding the share of results of travellers) of approximately US$331.7 million in the corresponding period a year earlier.
This is due to factors including a total gain of approximately US$658.6 million arising from disposals of certain stakes in Norwegian Cruise Line Holdings (NCLH).
Another contributing reason is the one-off accounting gain of US$1.57 billion recognised upon completion of a secondary offering of NCLH's ordinary shares, whereupon the group ceased to account for its share of results and net assets of NCLH as an "associate" but as an "available-for-sale investment" on May 26, 2015.