Norwegian cruise line stake sale boosts Genting Hong Kong H1 profit

Casino cruise ships operator Genting Hong Kong Ltd. posted profit for the six months to June 30, attributable to stake sale and one-off accounting gain.

Genting HK profit jumped to 898% to $2.16b in H1 2015, compared to $216.7m over the same period a year ago while EBITDA increased 31.7% to $29.6m from $20.2m in 1H2014.

The company recorded a total gain of $599.6m from the sale of its shares in Norwegian Cruise Line Holdings in March and May. It also had a one-off accounting gain of $1.56b upon reclassification of NCLH from an “associate” to an “available for sale investment.”

Cruise and cruise-related activities revenues increased 2.5% to $265.1m from $258.8m in 1H2014. Net Revenue in 1H2015 also increased 6.4% year-on-year to $218.0m from $204.9m due higher passenger ticket revenue as a result of the acquisition of Crystal Cruises, which it acquired for $550m in March, but was offset by lower onboard revenue attributable to lower gaming revenue.