Fred. Olsen Cruise Lines, the destination focused operator of four medium sized vessels on the British market, has reported an increase in net profit for both the third quarter and the first nine months of the year compared to corresponding periods last year.
In the third quarter, its net profit rose to NOK127 million from NOK123 million despite a slight decrease in revenues, which fell to NOK622 million from NOK647 million, said Bonheur ASA, the Oslo listed holding company controlled by the Olsen family which owns the Ipswich based cruise line.
The British pound weakened by 14% against the krone, but net per diems rose by 10% in the review period, Bonheur said.
In the first nine months of the year, the net profit reached NOK190 million compared to NOk141 million in the same period last year, while revenues rose a fraction, to NOK1.67 billion from NOK1.66 billion.
Earlier this week, Fred. Olsen Cruise Lines said it would invest millions of pounds to upgrade its fleet, starting with black Watch that will enter dry dock in Germany next month.
