Genting Hong Kong expects to report net profit in excess of $225 million

SINGAPORE - Genting Hong Kong is expected to report a net profit of more than US$180 million (S$225 million) for the six months ended June 30.

This is well up on the US$23 million it recorded for the same period last year, the casino operator said in a statement today, based on the preliminary assessment of the information currently available to the board.

The anticipated sharp increase in net profit is mainly due to the following factors:

* Gain arising from the disposal of certain stakes in Norwegian Cruise Line Holdings in March 2014 for about US$153 million, and

* Fair value gain of some US$15 million arising from a revaluation of certain financial assets.

The board said it is still in the process of finalising the group's results, which are expected to be announced in August.