Genting Hong Kong reports US$238.3 million loss in 1H21, says still seeking funding sources

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Genting Hong Kong says it is still looking for new sources of funding to help navigate the COVID-19 pandemic after falling to another US$238.3 million loss for the six months to 30 June 2021.

The loss, while narrowed from a 1H20 loss of US$742.6 million, reflects ongoing headwinds for the companys core cruise ship business one of the hardest hit industries globally form the pandemic.

Despite finalizing agreements with creditors in June that will see the company granted new loans and extensions to maturities around its US$2.6 billion of debt, Genting Hong Kong said in its H1 results release overnight that it continues to search out further funding opportunities.

The Company’s financial results remain heavily impacted by the COVID-19 pandemic and the extent of the losses will depend on many factors including the timing of full return to service of its cruise fleet, it said.

The Company continues to seek new sources of funding in view of the uncertainties in the recovery.

Genting Hong Kong reported a decline in revenue in 1H21 to US$182.3 million, down from US$226.2 million in 1H20 due to the suspension of Crystal Cruises and Star Cruises operation since early 2020.

However, the resumption of cruising in Taiwan and Singapore at various times helped reduce the groups EBITDA loss to US$171.2 million.

Staying positive, Genting Hong Kong cited a Cruise Ships in Service Report issued by Cruise Industry News which said around 50% of the global cruise fleet is expected to be back in service by the end of August 2021.

The company, which has recently resumed sailings from Singapore and Hong Kong, is planning to relaunch Explorer Dream in Taiwan from September, having suspended operations for a second time in May.