Travellers Int’l set to open two new hotels

NCL Corp. had lower revenue in 2009, but managed to turn a $67.23 million profit, according to an SEC filing made by Genting Hong Kong Group, its half-owner.

NCL revenue fell 12 percent, to $1.27 billion in 2009 from $1.5 billion in 2008.

NCL, which is the parent of Miami-based Norwegian Cruise Line, had a $211.8 million loss in 2008 and a $226.96 million loss in 2007.

One factor in the 2008 loss was a $128.77 million impairment charge that stems from cancellation of a contract to build what would have been a sister ship to the Norwegian Epic. The Epic is a more than $1 billion ship that will start sailing out of Miami this summer.

Genting Hong Kong, formerly known as Star Cruises Ltd., said the drop in revenue was due to a 7.7 percent decrease in net yields and a 5.1 percent decrease in capacity days.

"The decrease in net yield was the result of a decrease in passenger ticket pricing due to adverse global economic conditions," the company said.

The decrease in capacity days was the result of the departure of the Marco Polo, Dream and Majesty from Norwegian's fleet as charter agreements expired, Genting Hong Kong said. A plus factor was the reflagging of the Pride of Aloha, which was withdrawn from the fleet in May 2008 and relaunched as the Norwegian Sky, which sails out of Miami, in July 2008.

Ship operating expenses decreased 18.3 percent in 2009, primarily due to cost controls and lower fuel prices, Genting Hong Kong said.

NCL's finance costs, net of capitalized interest, decreased to $115.4 million in 2009 from $152.4 million in 2008, primarily due to lower average interest rates, Genting Hong Kong said.

The SEC filing says 37.5 percent of NCL is owned by Apollo and 12.5 percent is owned by three TPG (Texas Pacific Group) limited partnerships.

Excluding NCL, Genting Hong Kong had an operating profit of $5.3 million before an impairment, down from a $16.2 million profit in 2008. Genting Hong Kong, excluding NCL, had a 33.6 percent drop in capacity, but managed to boost occupancy percentages to 91 percent from 85 percent.

Genting Hong Kong's five-ship Star Cruises brand, which hasn't changed its name, is the leader in the emerging Asia market.

On Friday night, Genting Hong Kong celebrated its rebranding from Star Cruises with a party at the W Hotel in Kowloon.

A post on eTravelBlackboardAsia.com has a brief article and three photos of the festivities, including one of Chairman and CEO Tan Sri Lim Kok Thay.

The chairman's father, who passed away in October 2007, was once the richest man in Malaysia, with a net worth of $4.2 billion, according to a 2007 Forbes article that listed the family at 204th on the list of the world's richest billionaires.