LONDON (Alliance News) - Global Ports Holding PLC said Friday its loss narrowed in the first half of the year as revenue increased by 14%.
For the six months to June 30, the port operator reported a USD2.1 million pretax loss, narrowed compared to USD6.5 million a year ago. The loss was mainly due to a USD16.0 million amortisation expense in relation to port operation rights, Global Ports explained.
Total revenue increased to USD56.6 million from USD49.7 million last year. At constant currency, revenue was up to USD53.4 million, the company said.
Cruise revenue increased by 21% to USD22.4 million from USD18.5 million a year ago, while revenue in the company's Commercial division was up 9.3% to USD34.2 million from USD31.3 million.
In Cruise, the company reported passenger growth of 6.2% year-on-year with 1.6 million passengers handled in the half-year period, on the back of a strong performance from the Barcelona and Malaga ports, which delivered more than half of the division's revenue at USD13.3 million.
Earnings before interest, taxes, depreciation and amortisation jumped 20% to USD36.1 million from USD29.9 million in the comparative year ago period.
The company declared an interim dividend of 27.9 cents per share in respect of the first-half, in line with last year's interim dividend, which was declared in sterling at 21.6 pence.
Global Ports said current trading has been in line with management views and it now expects to deliver annual results towards the upper end of its "mid to high single digit organic growth" in revenue and consolidated Ebitda.
Additionally, the company said it expects to report a profit in 2019.
Global Ports shares were trading up 4.1% at 510.00p each on Friday early morning.
Global Ports (GPH)