Independent journal on economy and transport policy
08:13 GMT+1
This page has been automatically translated by Original news
While the Genting Group has reduced its losses in 2019, 2020 is full of unknowns
The Hong Kong-born company is already forecasting a negative operating result for the current year
March 27, 2020
In the second half of 2019 alone, the group's revenues 831.8 million dollars, up 1.1% on second half of 2018, EBITDA was 65.6 million dollars (-15.1%), operating profit and net income were were both negative and equal to -57.9 million and -102.1 million million dollars compared to results also negative -23.7 million and -72.0 million dollars in the period July-December of the previous year.
By tracing the outlook for 2020, the group specified that if 2019 has been marked by uncertainty stemming from the protracted trade war between the US and China, unrest in Hong Kong and other geopolitical tensions this year the Covid-19 outbreak that spread in the first quarter led to further pressure on businesses travel, tourism and hospitality sectors which suffered a major setback. For Genting, the emergency resulted in the temporary suspension of almost all activities cruisers of the group and also, for about four weeks at 21 March, activities in all three of the Wismar, Rostock and Stralsund shipyards. Genting HK communicated that, in light of the rapid spread of the virus, the group expects to end 2020 with an operating loss despite the measures taken to keep costs down. In addition, group pointed out that at the moment the impact of the epidemic on business performance is still difficult to quantify as the contagion continues to spread on a global scale.
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
phone: +39.010.2462122, fax: +39.010.2516768, e-mail
VAT number: 03532950106
Press Reg.: nr 33/96 Genoa Court
Editor in chief: Bruno Bellio No part may be reproduced without the express permission of the publisher
In the second half of 2019 alone, the group's revenues 831.8 million dollars, up 1.1% on second half of 2018, EBITDA was 65.6 million dollars (-15.1%), operating profit and net income were were both negative and equal to -57.9 million and -102.1 million million dollars compared to results also negative -23.7 million and -72.0 million dollars in the period July-December of the previous year.
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
