Global Ports Holding plc (GPH), the Istanbul based and London listed company that is the world’s largest cruise terminal operator, has recorded an increase in both passenger volume and net loss in the first quarter, but the company said the outlook is encouraging.
The company handled 334,600 passengers, an increase of 6.3% year on, at the terminals it operates. This was mainly driven by a 39.3% rise, to 246,400, in the number of passengers at the Spanish ports of Barclona and Malaga.
Net loss increased to $9.6 million from $5.0 million, but operating result (EBITDA) rose to 411.4 million from $10.3 million.
Revenue from the cruise operations rose by 16.5% to $5.2 million, outpacing the 13.1 growth rate of consolidated revenues, which reached $20.6 million.
“Operational results are inline with expectations and management are pleased with trading year to date. Due to the seasonal nature of the business, the first quarter of the year is always the quietest trading period in particular for the cruise but also the commercial divisions of GPH Plc. Therefore Q1 trading trends do not inform the trend for the full year,” the company said in a statement.
Emre Sayin, Chief Executive Officer said in the statement: “The first quarter is a seasonally low period for the group, nevertheless trading has been positive, with strong cruise passenger volumes and continued positive momentum in volumes at our commercial ports. I am particularly pleased that we have made progress with our inorganic cruise growth strategy through the award of the port operating rights at Zadar cruise port. Trading at both our cruise and commercial ports have continued to perform in line with our expectations as we head into the summer season.”
During the period GPH won a tender for the operating rights of Zadar cruise port in Croatia for a duration of 20 years. “This contract remains subject to entering into a final concession agreement with the Port of Zadar Authority,” GPH said.
The company also operates container terminals and other cargo facilities in Turkey.