GPH.L Share News (GPH)

LONDON (Alliance News) - Global Ports Holding PLC on Thursday reported first-quarter results in line with expectations and said it is "pleased" with its performance so far in 2018.

For the three months to March, revenue increased 13% to USD20.6 million. Passenger numbers rose 6.3% to 314,800, container throughput was up 4.7% to 48,800 20 foot equivalent units, though general & bulk cargo fell 0.9% to 485,200 tonnes.

Global Ports' pretax loss for the period narrowed to USD5.7 million from USD9.6 million.

Trading since the end of March has met expectations, and it thus still expects mid- to high single-digit percentage growth in earnings before interest, tax, depreciation, and amortisation for 2018.

Chief Executive Emre Sayin 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."

Shares were up 0.7% on Thursday afternoon at 485.89 pence each.