Genting HK goes into the red

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Casino cruise operator Genting Hong Kong Ltd dived into the red for the year of 2016, posting a net loss attributable to owners of the company of US$502.3 million (MOP4.02 billion), compared to a net profit of US$2.1 billion one year earlier.
According to the company’s filing with the Hong Kong Stock Exchange last week, its revenue from cruise and cruise-related activities jumped 39.1 per cent year-on-year to US$908.1 million, while that from non-cruise activities surged 192.5 per cent to US$108.6 million.
Meanwhile, total net revenue registered an increase of 38.8 per cent to US$689.6 million, as compared to US$496.8 million for 2015, driven by year-on-year increases in capacity days and net yields of 18.7 per cent and 17 per cent, respectively.
Meanwhile, the company’s share of profit from Philippine casino operator Travellers International Hotel Group Inc, dropped by 3.5 per cent year-on-year to US$32.7 million for the whole year.
The company said the decrease was due to ‘unrealised foreign exchange losses on the outstanding US$300 million bond resulting from the depreciation of Philippine peso’.
For the year, Resorts World Manila – the casino operated by Travellers – saw its net profit decrease by 15.4 per cent year-on-year to some 3.4 billion pesos (MOP571.2 million), while total revenue fell slightly by 0.8 per cent year-on-year to 27.5 billion pesos.