In a filing with the SGX, Genting Hong Kong said the the delisting was because it intended to focus on its core activities relating to the operation of cruise ships in Asia (in particular, North Asia), and has undertaken various initiatives to meet the growing demands of the Chinese market.
HONG KONG: Genting Hong Kong has reported a net loss of US$203.2mil for the six months ended June 30, compared to a loss of US$54.6mil in the first half of 2016, as operating expenses increased.
Revenue was US$532.5mil in H1FY17, 22.2% higher than US$435.7mil in the same period a year ago, mainly owing to an increase in capacity days from the inclusion of the full six months' operation of Genting Dream and Crystal Mozart.
Total operating expenses in H1FY17 increased 38.5% to US$477.5mil compared with US$344.7mil in the previous corresponding period owing to higher operations costs, and startup costs of new brands and the MC Werften Shipyard.
On the repositioning of its cruise ships, the World Dream will arrive in November this year to replace Genting Dream in the Guangzhou and Hong Kong home ports, and further strengthen the Dream Brand, says the company in its report.
Genting Dream will be home ported in Singapore.
The SuperStar Libra will be repositioned from Penang to Port Klang in September while SuperStar Gemini will move from Singapore to Bangkok.
Meanwhile Dream Cruises has launched the all-inclusive concept for Dream Palace Suites to improve yields and DreamElite, a new loyalty and recognition program custom-designed to personally engage and build a community among the growing number of Dream guests
The company notes the historic high order book for cruise ships owing to high demand from China. “With the unavailability of slots for large cruise ships for nearly the next decade, we have taken the strategic step of buying MV Werften shipyards in order to build ships for our three cruise brands,” says Colin Au, group president of Genting Hong Kong, in a press release issued on Friday.
“After delivering our first of four 'Rhine Class' river ships this month, we are now focused on building the first 20,000 gross ton “Endeavor Class” cruise ship by late 2019 and the first 204,000 gross ton “Global Class” cruise ship by late 2020 with steel cutting of the two types of vessels planned for March next year”, he added.
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