Casino cruise ship operator and Philippine casino resort investor Zenting Hong Kong Ltd said it had significantly reduced its full-year losses in 2019.
Those losses amounted to just $151.5 million, compared with $210.9 million in 2018, it said in a filing with the Hong Kong Stock Exchange on Friday.
As a result, group sales actually fell 2.4 percent in 2019. Those sales were $1.56 billion, compared to $1.6 billion a year earlier.
The Group’s 2019 base and diluted loss per share also decreased from 0.0249 to 0.0179 from a year ago.
The profit share of the joint venture and affiliates totaled $9.7 million in 2019, compared to $13.5 million in 2018. The decline was “mainly due to the small contribution of Travelers International Hotel Group,” primarily due to the lack of non-operating profit that was recognized in fiscal 2018. Genting Hong Kong is an investor in Travelers International, which operates the resort’s World Manila casino resort in the Philippine capital.
Genting Hong Kong directors did not recommend a final dividend declaration for the year ended Dec. 31.
The group’s 2019 earnings before interest, taxation, depreciation and amortization (EBITDA) came to $142.5 million, double the $72.3 million it achieved in 2018 and improved “mainly on the back of improved cruise revenue and high utilization of shipyards” operating in Germany.
EBITDA for 2019 for “cruise and cruise-related activities” was just US$6.8 million.
In terms of revenue, the cruise business earned $1.04 billion in ticket sales and just under $346.5 million in “onboard revenue.”
Group sales in the second half of the year rose 1.2% to $832 million, compared with $822 million in the same period in 2018, “mainly due to a slight increase in cruise sales.”
Revenue from the cruise business in the second half of the year rose 3.4% to $731 million, compared with $777 million in the second half of 2018. The company said the increase was mainly due to “price improvements.”
Cruise EBITDA improved from $107.5 million in the second half of 2019 to $89.4 million in the second half of 2018.
However, the group warned about the impact of COVID-19 infections related to the novel coronavirus pandemic in 2020.
“Due to the COVID-19 outbreak, the group cancelled many voyages, temporarily suspended nearly all cruise operations in the first quarter of 2020, and suspended all three shipyards at MV Verften,” Genting Hong Kong said.
In mid-March, the company said its top executives had “100% waived fees and compensation from February 2020 to the end of this year” as part of cost-cutting measures due to the global crisis and its impact on tourism.
BY: 온라인 슬롯
