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Fred. Olsen Cruise Lines cut first quarter loss on higher per diems

Higher per diems more than offset a slight fall in the number of passenger days at Fred.Olsen Cruise Line, the UK based destinational cruise shipping company, in the first quarter.

Net loss narrowed to NOK41 million in the latest quarter from NOK55 million year on, while operating loss (EBIT) was reduced to NOK22 million from NOK39 million. Revenues rose to NOK533 million from NOK480 million. The number of passenger days totaled 254,710 for the quarter (271,634), a decline of 6 %. Net ticket income per diem (GBP) was 6.5% higher compared to the corresponding quarter last year,” parent company Bonheur ASA said in a statement.

Capital expenditure rose to NOK108 million from a mere NOK8 million in the same period last year, while equity decreased to NOK1.07 billion from NOK1.11 billion. The company has no gross interest bearing debt.

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