Genting Reports 2019 Results, 2020 Guidance

Genting Dream

Genting Hong Kong has reported a net loss of $158.6 million, or $1.79 per share, on revenues of $1.5 billion for the year ended Dec. 31, 2019, compared to a net loss of $213.3 million, or $2.49 per share, on revenues of $1.6 billion for the previous year. (The results were reported in US dollars.)

Genting reported cruise segment revenues of $1.4 billion for 2019, up slight from $1.3 billion in 2018, despite a 6 percent reduction in a capacity days. The occupancy load factor was 93 percent compared to 91 percent the year before.

Cruise EBITDA was $189.8 million for 2019, compared to $152.4 million in 2018.

Group EBITDA was $142.5 million for 2019, up from $72.3 million for 2018, driven by a combination of improved cruise revenues and higher utilization of the shipyard, according to Genting.

While the group posted an operating loss, Genting stated that the cruise segment was breakeven.

The overall revenue reduction was reported to be “due to a lower third party revenue recognized in the shipyard segment offset by an improved net yield.”

The COVID-19 outbreak caused the group the suspend almost all of its cruise operations in the first quarter of 2020, and operations at all three shipyards of MV Werften have been suspended for four weeks, starting March 21.

As part of its cost control measures, office managers have accepted a temporary 20 to 50 percent reduction in salaries, onboard crews have been reduced, and there is a company-wide freeze on recruitment.

Despite such cost control efforts, Genting said it anticipates posting an operating loss for 2020.

Since mid-March, there has been a decline in reported new infections in China and most enterprises in China have rolled out active preventive measures while resuming production progressively, Genting stated.  While the company said it sees this as an encouraging sign, the improvement in consumer sentiment is slow.

Genting said further it will resume operations when the Singapore Port Authority reopens its cruise terminal. Meanwhile, the company will also continue to evaluate alternative deployment plans for the World Dream, while Star Cruises’ fleet has suspended operations until the region-wide situation improves.

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