Shares were trading down 10% at 608p at time of writing.
GPH reported a 5.7% drop in revenue for the six months to end June, and a loss of $6.7m (£5.2m), which included a $15.1m amortisation expense in relation to port operation rights.
The firm said financial performance had been buffeted by ‘ongoing weakness in consumer sentiment towards higher margin Turkish cruise ports’.
Additional negative forex impact from weaker Euro (-3.1% compared to first half 2016) affects translation of Euro earnings of all cruise ports and Port of Adria, it noted.
Passenger numbers were up 14% on the same time last year to 1.5m and with operating cash flow still strong management declared an interim dividend of 21.6p.
The port’s group floated on the London Stock Exchange in May with a share price of 740p, giving the firm a market capitalisation of £465m.
Emre Sayın, ceo said, ‘While geopolitical developments have had a negative effect on our Turkish cruise revenues, our Turkish commercial segment is robust and has performed well.’
Sayın noted the group’s merger and acquisition pipeline of international cruise ports ‘remains strong with progress being made on a number of our target acquisitions and we will update the market as these progress.
'Our overall strategy of expanding our global footprint of cruise ports from the Mediterranean to the Caribbean and Asia, as set out at the IPO, remains on track,' he confirmed.
‘The result of this will be a reduction in the significance of our Turkish cruise port operation to our overall business,’ Sayın said.
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