(Alliance News) - Global Ports Holding PLC said Monday the rise in its 2019 adjusted earnings has been affected by weak volumes in the the year to date, affected by the macro-economic environment.
Shares in the cruise port operator were 11% lower at 330,00 pence on Monday.
Global Ports Holding said that for the first half of the year, cargo and container volumes were weak, and have remained so in the third quarter of 2019 to date, due to the macro-economic environment.
However, the company said its cruise business performed strongly in the first six months, and has kept this performance ongoing to date.
As a result, Global Ports expects the increase in adjusted earnings before interest, taxes, depreciation and amortisation will now be at a low single digit.
"Our commercial ports are not immune to macro-economic factors and recent trading as a result has been challenging. However, our previous experiences suggest that the trading performance will improve over time. Trading at our cruise ports has once again been very positive and we continue to work hard to deliver on new cruise port investments and management agreements," said Chief Executive Emre Sayin.
Global Ports Holding will publish its interim results on August 20.
Global Ports (GPH)