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.