Cruiseship group Genting Hong Kong has warned investors it is facing a net loss of between $500m and $550m for 2016.
This compares to a profit of $2.1bn in 2015.
It blamed the absence of a one-off gain of $1.56bn in 2015 from reclassifying its investment in Norwegian Cruise Line Holdings (NCLH), as well as a gain of $658.6m from selling stock in NCLH.
It also cited an impairment loss of $300m on NCLH shares classed as available for sale.
There were also one-time start-up and marketing costs for the launch of new Dream and Crystal cruise brands, plus depreciation and amortisation mainly from new Dream and Crystal cruiseships and its newly acquired German shipyards.
In addition, it had to contend with reorganisation and acquisition-related costs arising from its shipyard operations and newbuilding activities.
“Despite the decline in its consolidated net results, the group is expected to record an improvement on its underlying cruise business excluding the one-time start-up costs of its new Dream and Crystal cruiseships.”
Final results from the owner of Star Cruises are expected in March.
