Genting Hong Kong Inc GENTING on Friday reported a net loss of about $742.6 million in the first half of 2020, with a net loss of about $687.1 million attributable to the group's shareholders. That compares with a net loss of $56.5 million in the same period last year. The group's operations were hurt "by the impact of COVID-19" in the latest reporting period, the company said in a filing with the Hong Kong Stock Exchange.

The group is the operator of casino cruise ships and shipyards and an investor in the Philippine Resorts World Manila Casino Resort.

The company said the impact of the coronavirus pandemic "has forced it to temporarily suspend most cruise operations since February 2020 and shipyard operations since March 2020 and cancel many voyages."

Revenue for the six months ended June 30 fell 69.0% year-over-year to $226.2 million. The company reported negative earnings before interest, taxation, depreciation and amortization (EBITDA) of $242.1 million, compared with positive results of about $76.9 million a year earlier.

Due to the pandemic's negative impact on the group's operations, Genting Hong Kong said it had suspended construction activities at its German shipyard, including postponing the construction of one cruise ship and halting the construction of another. It also said it had secured a grace period of up to 12 months for some principal repayments.

The casino cruise ship operator held a meeting for the group's creditors on Aug. 24 after it announced that it would "temporarily suspend all payments to the group's financial creditors, including interest and charter," while seeking additional funding amid the suspension of its cruise ship business due to COVID-19. It also came amid reports that Chairman Im Kok Tei had pledged nearly his entire stake in the company as collateral for loans.

"Financial creditors have been supportive and many of the group's long-term financial creditors have agreed to join a special group to expand their support for the group," Genting Hong Kong said in a Friday filing

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