Genting Hong Kong unveiled a new $500m loan as it reported a first-half loss in its cruise business.
The Singapore-listed subsidiary of Malaysia's Genting Group said the secured loan included a 72-month term loan and a revolving credit facility.
Part of the new loan refinances prior debt secured by six cruiseships in the group.
Liquidity available
Genting can tap the remainder for "general corporate purposes".
Some $300m of the loan has already been utilised, giving Genting some $200m in available liquidity from the deal.
Meanwhile, Genting Hong Kong reported a $49.5m loss in the cruise segment for the first half of the year.
That reverses a $302,000 segment result in the same period of last year.
Revenue surges
Revenue jumped to $384m for the period, up 7.1% from the same period of last year, thanks to the passenger ticket and onboard revenue from Crystal Cruises.
But costs associated with the startup of Dream Cruises and the takeover of Crystal late last year are continuing to weigh on the expense side of the income statement.
Singapore-listed Genting Hong Kong described the items as one-offs.
Bottom-line falls
Companywide, Genting Hong Kong delivered a headline loss of $54.6m, reversing a $2.16bn profit a year earlier.
With non-cash items factored in, the bottom-line loss amounted to $519m, compared to $2.29bn in comprehensive net income for the same period of 2015.
Earnings snapshot
H1 2016 | H1 2015 | |
| Passenger ticket revenue | $201,914,000 | $99,458,000 |
| Onboard revenue | $182,046,000 | $165,643,000 |
| Total Cruise revenue | $383,960,000 | $265,101,000 |
| Segment result | ($49,538,000) | $302,000 |
| Genting Hong Kong headline profit (loss) | ($54,585,000) | $2,164,831,000 |
| Genting Hong Kong bottom-line profit (loss) | ($519,000,000) | $2,290,502,000 |
