Fred. Olsen Cruise Lines, the desinational UK based operator of four medium sized ships, has staged an almost threefold profit growth in the third quarter and the company is now debt free, said Ganger Rolf, one of the two listed Fred. Olsen group companies that owns the cruise line.

Net profit in the third quarter of this year rose to NOK62 million from NOK22 million in the same period a year earlier. Operating result (EBITA) improved to NOK185 million from NOK85 million.

For the first nine months of the year, the company whose ships have a total capacity of 3,700 lower berths, reported a net profit of NOK71 million, while a year earlier it had suffered a loss of NOK29 million. EBITDA rose to NOK302 million from NOK108 million, while revenues rose to NOK1.66 billion from NOK1.29 billion.

Fred. Olsen Cruise Lines, which is based in Ipswich in the UK and jointly owned by Ganger Rolf ASA and Bonheur ASA in Norway, carried no dent in its balance sheet at the end of September, while a year earlier, its debt had amounted to NOK419 million.

At the same time, equity in the company rose to NOK1.31 billion from NOK419 million, figures released by Ganger Rolf show.