Cruiseship and yard player Genting Hong Kong saw a "slight improvement" in 2018 as it reduced its red ink.
The company said the net deficit last year was $213.3m in 2018, compared to $244.3m in 2017.
Revenue was $1.6bn, up from $1.2bn, mainly due to the inclusion of the first full-year operation of two Dream Class vessels and higher third party revenue recognised in the shipyard segment.
Cruise revenue was $1.35bn, against $1.02bn a year ago, as fleet capacity days increased 18.5%.
Net cruise costs rose 11% due to that increase, but costs per day were reduced 6.5% because of efficiencies of scale.
Its German shipyard operations recorded EBITDA of $3.6m in 2018, versus a loss of $82.5m in 2017.
This was put down to a higher utilisation rate as it built two cruiseships.
Looking ahead, it said that cruise results should continue to improve due to the low penetration rate in Asia and reduction in cruise capacity in China in 2019.
The yard division is expected to improve as well.
