Asian casino operator Genting Hong Kong Limited has seen annual profits for 2016 fall from the $ 2,100,000 it recorded for the previous twelve month period to a deficit of more than $ 504,000 despite posting a 39.1% year-on-year increase in ship activity. cruise.
Genting Hong Kong is responsible through the Travelers International Hotel Group Incorporated association for the development of Resorts World Manila in the Philippines and disclosed that 2016 saw overall annual revenue increase of more than 43% year-on-year to $ 10.1 billion although operating expenses also increased by nearly 58% to $ 972.1 million.
The Hong Kong-based company http://220.127.116.11/ is an additional parent of the Star Cruises, Dream Cruises and Crystal Cruises brands as well as the Lloyd Werft Group shipbuilding and nightlife brand Zouk and explains that annual cruise and cruise-related revenues hit $ 908.1 million while revenue from non-activities -cruise swelled by 192.5% to $ 108.6 million mainly due to the acquisition of a shipyard in Germany.
In terms of the Association Travelers International Hotel Group Incorporated, a Hong Kong-listed company stated that 2016 total revenues fell 5.2% year-on-year to $ 577.6 million while earnings before interest, taxes, depreciation and amortization fell by 0.5%. to $ 135.6 million. Moreover higher casino operating costs caused direct costs for the twelve month period to hit $ 223 million while general and administrative expenses fell nearly 1% to $ 203.8 million.
“This increase is due to the full-year depreciation for the Marriott Grand Ballroom, which was capitalized in December 2015, a general marketing increase as a result of a change in arrangements with diner operators from last year’s revenue-sharing with rolling-traditional commission based and final year tax audits. earlier, “said a statement from Genting Hong Kong.
In addition, Genting Hong Kong stated that the Travelers International Hotel Group Incorporated recorded a financial cost for 2016 of $ 30.7 million, which is an increase from 80.5% year-on-year mainly due to the depreciation of the Philippine peso leading to a foreign exchange loss that has not yet realized over a $ 300 million bond.
It’s detailed that all of this leaves the Travelers International Hotel Group Incorporated with a net profit for 2016 of $ 71.4 million, which is a decrease of 19.2% year-on-year, even though cash and equivalents rose more than 2% to $ 267.7 million .