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Global Ports Holding 1Q results in line with management expectations

Symphony of the Seas - a visitor to GPH's Malaga port in 1Q, 2018
Global Ports Holding Plc (GPH) reported a 6.3% rise in cruise passengers for 1Q, 2018 up from 314,800 between January-March 2017 to 334,600 this first quarter, mainly driven by growth in calls in Spanish ports managed by the group(Creuers Barcelona and Malaga).  

Total cruise generated revenue was up 16.5% Y-oY to $5.2m for the 1Q period ($4.5m in 1Q, 2017).

Emre Sayin, ceo said; '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,' he added.

Passenger numbers at Valletta(-15.6%), Ege Port(-0.9%)and other GPH cruise ports(-2.9%) were down in 1Q 2018 versus 1Q 2017.

Caution on Turkey rebound in 2018

'In the first quarter Turkish ports performed in line with our expectations in the period,' remarked Sayin, adding, 'while general tourism numbers to Turkey for 2018 are reported to be increasing Y-oY, we continue to be cautious for 2018.'

Cruise EBITDA was $2.3m in the period, up 40.3% versus 1Q 2017, primarily down to the strong performance from Singapore, an equity pick up port which does not contribute to revenue. Excluding equity pick up ports Cruise EBITDA grew 2.9% Y-oY.

Zadar concession awaiting final agreement

Refering to the Zadar concession, Sayin added, 'this contract remains subject to entering into a final concession agreement with the Port of Zadar Authority.'


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