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Despite good cruise growth, Global Ports Holding reports flat revenues in Q1

Kusadasi
GPH reported strong growth in cruise numbers in Turkey, particularly at Ege Port in Kusadasi PHOTO: Mary Bond
Global Ports Holding (GPH) reported good growth in cruise passenger volumes in Q1, 2019 despite the seasonally low first quarter in the Mediterrean, however general and dry cargo volumes fell 59% YoY.

For the three months to end March, the cruise and cargo port operator reported a pre-tax loss of $12.6m, compared with a loss of $9.6m a year earlier, and revenue was flat at $20.7m.

Cruise revenue rose by 4.6% year-on-year to $5.4m for the first quarter, above $5.2m reported a year earlier.

Cruise earnings (EBITDA) rose 51.7% to $3.5m in the period, compared to Q1, 2018.

Caribbean expansion

During the period GPH signed a 30-year port concession in Antigua and Barbuda and was awarded preferred bidder status for Nassau cruise port in the Bahamas.

Passenger volumes rose 52% YoY to 510,000 driven by the first time contribution of new ports. Organic passenger volume growth was 2%, with good growth in the Valletta in particular.

GPH reported strong growth in cruise numbers in Turkey, particularly at Ege Port in Kusadasi.

Turkish ports revival

Aziz Gungor, GM Ege Port Kusadasi & Bodrum Cruise Port told the recent MedCruise GA which took place in Kusadasi the port is expecting more than 200,000 passengers to pass through in 2019.

'While some negative volume trends at our commercial ports have persisted into Q1 2019, overall the ports continue to perform in line with our EBITDA expectations and our work to diversify our revenue streams means we remain confident of good Commercial EBITDA performance in the year,' said CEO Emre Sayin.

'Trading at both our cruise and commercial ports have continued to perform in line with our expectations as we head into the summer season,’ he added.

‘The first half of our financial year is typically lower in terms of cruise passenger volumes due to the seasonally low Q1, hence trends during first half are not fully informative for full-year trends.’

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