KUALA LUMPUR (March 19): The board of directors of Genting Hong Kong Ltd has announced that a board meeting will be held on March 31, 2021 to approve its financial results for the financial year ended Dec 31, 2020 (FY20).

In a filing with Hong Kong Stock Exchange (HKEx), the cruise ship operator said the purpose of the board meeting, among other matters, is to approve the consolidated results of the company and its subsidiaries and its publication, and to consider the recommendation on the payment of a final dividend, if any.

As at the date of this announcement, the board comprises three executive directors, namely Tan Sri Lim Kok Thay, Au Fook Yew (alias Colin Au) and Chris Chan Kam Hing, and three independent non-executive directors, namely Alan Howard Smith, Ambrose Lam Wai Hon and Justin Tan Wah Joo.

On Monday (March 15), Genting Hong Kong issued a profit warning to inform its shareholders that the group expected to record a consolidated operating loss of no less than US$600 million (RM2.47 billion) and a consolidated net loss of no less than US$1.5 billion for FY20 based on the preliminary review of its unaudited consolidated management accounts.

For comparison, the group posted a consolidated operating loss of US$96 million and a consolidated net loss of US$159 million for FY19.

"The anticipated increase in the consolidated net loss of the group is mainly attributable to prolonged suspension of fleet-wide operations across the group's cruise and cruise-related businesses for Dream Cruises, Crystal Cruises and Star Cruises as well as the suspension of shipbuilding operations at MV Werften's shipyards in Germany between March and October 2020.

"This led to impairment losses being recorded for certain intangible assets, property, plant and equipment and other assets and a loss on disposal of interest in certain subsidiaries which owned non-core assets," said its chairman and chief executive officer Lim in a filing with HKEx.

He added that the Covid-19 outbreak had caused the group to cancel many sailings and suspend almost all of its cruise operations temporarily since February 2020.

Shares in Genting Hong Kong closed unchanged at HK$0.64, valuing the group at HK$5.43 billion.