Genting Hong Kong Reports 2011 Results

Genting Hong Kong has reported net income of $185.4 million on revenues of $515.5 million for the year ended Dec. 31, 2011, compared to net income of $82.9 million on revenues of $399.8 million for 2010.

For 2011, income from the sale of real estate assets contributed $85.9 million to net income and $13.3 million from an out-of-court settlement with the Louis Group in conjunction with the sale and purchase contract for the Norwegian Dream.  Finance income contributed $4.2 million.

Genting generated $488.5 million from cruises and related activities and $27.0 million from other activities. Passenger ticket revenues were $119.2 million, onboard and other revenues were $44.6 million and gaming revenues were $324.6 million for 2011.

Total revenue was up 28.9 percent from 2010, mainly due to a 42.6 percent in gaming revenue, according to Genting, in addition to a 7.3 percent increase in capacity days as a result of the full-year operation of the SuperStar Libra, which had been laid up in the first quarter of 2010. Fleetwide occupancy was up 1 percent – at 84 percent in 2011 compared to 83 percent in 2010, which contributed a 13.7 percent increase in ticket revenues year-over-year.

The ongoing fleet rationalization included the refurbishment and redeployment of the Star Pisces from Malaysia to Hong Kong, as well as the move of the SuperStar Libra and the Aquarius to Malaysia and Taiwan, respectively, boosting gaming revenues.

Operating expenses were up, driven by more capacity days, payroll, port charges and higher fuel costs. Fuel prices were up approximately 28 percent year-over-year.

Holding a 50 percent interest in Norwegian Cruise Line, Genting said that Norwegian contributed $69.7 million to the company’s earnings in 2011, compared to $12.8 million for 2010.

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