Fred. Olsen Cruise Line the UK based destinational cruise ship operator, has reported a fall in revenues and operating results for the first quarter, but the cash holdings of the company increased markedly.

Revenues fell to NO497 million in the first quarter of this year from NOK511 million year on, while operating result (EBITDA) contracted by NOK million to NOK30 million. EBIT became negative by NOK30 million compared to negative by NOK7 million in the first three months of last year, while pre tax loss narrowed slightly, to NOK4 million from NOK6 million.

The company has no interest bearing debt and its non-interest bearing debt narrowed by a faction, to NOK820 million from NOK822 million.

On a positive note, cash and cash equivalent holdings increased to NOK84 million at the end of March from NOK57 million year on, said Bonheur, the listed holding company of the Fred. Olsen family that owns the cruise line.

Fred. Olsen Cruise Line operates four ships and two of them usually operate long haul cruises that take several months in the beginning of each year. One is based in the Caribbean to offer fly cruises from the UK and one is employed on lengthy UK based cruises in the first quarter of each year.