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LONDON (Alliance News) - Global Ports Holding PLC on Tuesday reported a swing to a profit in 2018 as revenue registered single-digit growth, in line with the company's expectations.
The cruise port operator swung to a pretax profit of USD8.6 million from a loss of USD10.5 million, on operating profit that more than tripled to USD35.9 million from USD10.9 million.
The profit rise was due to higher revenue and a gain of USD12.2 million on the reversal of a replacement provision for Spanish cruise ports.
Adjusted earnings before interest, taxes, deprecation and amortisation increased by 11% to USD83.7 million from USD82.0 million.
Global Ports' revenue for the year grew by 7.2% to USD124.8 million from USD116.4 million the prior year.
The Cruise division achieved a record performance in 2018, rising by 9.2% to USD54.9 million on strong performance from associate ports in Venice, Lisbon, and Singapore.
The Commercial division made the biggest contribution to revenue, increasing by 5.8% to USD69.9 million, despite a decline in volumes due to macro economic conditions.
Global Ports said it will meet before the end of March to consider a full-year dividend.
Looking ahead, Global Ports said 2019 started well with operational results in line with management expectations. The group has guided for adjusted Ebitda to achieve mid-to-high single digit organic growth for the year.
"I am proud of our performance in the year, record passenger volumes, record adjusted Ebitda, our first new port investments since IPO, including a management agreement for Havana, our first in the Americas and the extension of Bodrum concession by 49 years is a reflection of considerable progress across the group in 2018," said Chief Executive Emre Sayin.
"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."
Shares in Global Ports Holding were up 2.8% at 370.00 pence on Tuesday.