In its 2018 results filing, Genting Hong Kong confirmed that the greatest-single source of the company’s revenue for the period was its cruise-liner and related activities, generating US$1.35 billion last year, compared to US$1.02 billion a year earlier, a 33% rise.
Genting Hong Kong has posted 2018 full year earnings with revenue up to US$1.6 billion, 34% up, thanks to full year operations from two Dream Cruises ships.
“With the full-year operation of two ships for Dream Cruises, we had a turnaround in the cruise segment with an EBITDA [earnings before interest, taxation, depreciation and amortisation] of US$152 million in 2018 from a loss of US$43 million in 2017,” said Genting Hong Kong chairman and chief executive Lim Kok Thay.
In a separate filing on Thursday, the group said that Lim Keong Hui, aged 34, a son of the chairman, had been appointed deputy chief executive of Genting Hong Kong. The former banker had been an executive director of the firm since 2013, and retains that role.
In its 2018 results filing, Genting Hong Kong confirmed that the greatest-single source of the company’s revenue for the period was its cruise-liner and related activities, generating US$1.35 billion last year, compared to US$1.02 billion a year earlier, a 33% rise.
The company said occupancy on board its ships improved to 91% last year, from 77% in 2017.
Among the highlights, the World Dream replaced Genting Dream in the dual Hong Kong and Guangzhou homeports in November 2017 with the Genting Dream redeployed to the Singapore homeport.
Fleet capacity days increased by 18.5%.
Genting said MV Werften, the shipyard segment, had improved results in 2018 with the keel laying of Crystal Endeavor and the first Global Class ship.
Genting said that barring any unforeseen circumstances, cruise segment results should continue to improve due to the low penetration rate in Asia and reduction in cruise capacity in China in 2019.