Cruise port operator Global Ports Holding returned to black in 2018, reporting a profit of USD 7.1 million, compared to a loss of USD 14.1 million seen a year earlier.
The company’s consolidated revenues were USD 124.8 million in the period, rising by 7.2% from USD 116.4 million reported in 2017.
The company’s cruise business witnessed a 9.2% increase in revenue, reaching USD 54.9 million for the year ended December 31, 2018. The strong performance was primarily driven by Barcelona and Malaga cruise ports reflecting a beneficial PAX mix in the year and a strong contribution from the equity accounted associate ports, Lisbon, Singapore and Venice, offset by a weaker performance from Valletta, the company explained.
Consolidated and managed portfolio passenger volumes increased by 8.8% in the year. While passenger volumes remained subdued for the company’s Turkish cruise ports in 2018, Global Ports Holding expects a significant increase in passengers at Ege Port in 2019.
“Overall 2019 has started well and operational results are overall in line with management expectations, with Cruise trading ahead of expectations, offset by some continued weakness in Commercial.”
“Since the year end overall trading has been in line with our expectations and with an active pipeline of new port opportunities we look to 2019 with confidence,” Emre Sayin, Chief Executive Officer, said.