Genting HK has announced it will delay the delivery of two new cruise ships by about a year, and explore other cost-cutting measures to mitigate the negative impact of Covid-19.
In a statement to the Hong Kong Stock Exchange, the company said it expects its loss for the first half of this year to “be significantly higher” than the first half of 2019.
The viral outbreak has compelled the group to suspend all cruise ship operations with the exception of Explorer Dream, which resumed sailing in Taiwan in July. Work at the MV Werften shipyards in Germany was suspended and Resorts World Manila in the Philippines remains closed.
Genting said it has reduced onshore employee costs, suspended capital expenditures and deferred principal payments on debt for 12 months.
In the same period last year, Genting reported a loss of US$56.5 million, a 60 improvement on the prior year.
