Asian cruise giant Genting Hong Kong has suspended construction of several ships at its shipyards after losing more than $1.7 billion in the past year due to COVID-19.
Genting Hong Kong said its net loss widened to US $1.716 billion for FY 2020 ended Dec 31, up from a loss of US $159 million in 2019.
Genting Hong Kong's full-year revenue plunged 76.50% from $1.561 billion in 2019 to just $367 million, mainly due to the suspension of its cruise travel business since February last year.
Genting Hong Kong said its cruise business turned from profit to loss in 2020 with an operating loss of US $269 million, compared with an operating profit of US $190 million in 2019.
Looking ahead to this year, Genting Hong Kong is confident of restarting its cruise business. The company said it expects overall results to improve.
Source: Sarah Yu, XINDE MARINE NEWS
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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