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Fred. Olsen Cruise Lines reports slight drop in second quarter profit

Fred. Olsen Cruise Lines, the UK based destination focused operator of four ships, has reported a slight fall in net profit in the second quarter of the year.

The profit fell to NOK55 million from NOK67 million in the same period a year earlier, show figures released by Bonheur ASA, the line’s parent company that is listed in Oslo.

Revenues increased to NOK574 million from NOK550 million and EBITDA to NOK139 million from NOK102 million.

“The number of passenger days totaled 274,598 for the quarter (284,578- revised from 286,447 as reported for 2Q16), a decline of 3.5%. Net ticket income per diem (GBP) was 22.5% higher, compared to the corresponding quarter last year,” Bonheur said in a statement.

In the first six months of the year. Fred. Olsen Cruise Line broke even compared to having a NOK63 million profit in the same period in 2016. Revenues rose to NOK1.50 billion from NOK1.47 billion and EBITDA increased to NOK158 million from NOK132 million.

Weakening of the British pound against the krone had a negative effect of NOK57 million to the bottom line, Bonheur said.