Cruise Segment Drives Genting Hong Kong’s Revenue up
- Business & Finance
Genting Hong Kong, a part of Genting Group, has seen a surge in its revenue from cruise and cruise-related activities by over 39 percent to USD 908.1 million in 2016 from USD 652.8 million reported a year earlier.
The company said that its net revenue in 2016 rose to USD 689.7 million from USD 496.8 million in 2015, mainly due to an increase in capacity days of 18.7 percent and an improvement of 17 percent in net yield.
Capacity days and net yield improvements were in turn driven by the inclusion of full year contribution from Crystal Cruises in 2016, as compared with its post-acquisition contribution since May 2015 in the previous year, and the launch of Dream Cruises’ Genting Dream in late October 2016.
Although cruise and cruise-related activities recorded a positive EBITDA of USD 62.8 million in 2016, compared to USD 43.4 million in 2015, the group’s EBITDA for the year was negative at USD 91 million, compared to USD 6.2 million in 2015.
Earlier in March, Meyer Werft shipyard in Papenburg, Germany, hosted the float-out of the second mega block of World Dream, a cruise ship being built for Genting Hong Kong’s Dream Cruises.
World Dream, the second cruise ship being built for the company, is expected to join its owner in fall this year.
The 151,300-gross ton cruise ship will be able to accommodate over 3,300 guests and will have a length of 335.4 meters and a width of 37.9 meters.