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Global Ports profits sink as 'abnormal' seasonal weather hurts performance

By BFN News | 08:34 AM | Friday 09 November, 2018


Cruise port operator Global Ports said Thursday third-quarter profits were sunk by the impact of abnormal seasonal weather hurt cruise revenues, but reassured investors that its full-year outlook remained intact. 'Our full year expectations of high single digit organic growth in constant currency Consolidated EBITDA remains unchanged,' the company said. For the three months to 30 September, profit before tax fell 63.9% to $3.5m and revenue fell 0.9% to $37.9m. Performance weighed down by a 3.9% decline in cruise revenues during the quarter as passenger numbers fell 6.8%, though some weakness was offset by its commercial segment, which delivered 2.5% revenue growth. Lower interest income from financial investments, higher project expenses for M&A projects and a net foreign exchange loss also weighed on growth during the quarter, the company said. The company also announce it had signed a Memorandum of Understanding with the Government of Antigua and Barbuda to negotiate a long-term concession for cruise port operations for Antigua, including St. John's cruise port where most of the passenger traffic is concentrated. The concession would also include certain retail outlets in the project area, the company added. Following the successful execution of the concession agreement, Global Ports would manage the cruise port operations in the islands of Antigua, and also indicated a willingness to invest into a material upgrade of the St. John's cruise port and in improving the current retail facilities and designing and constructing of new purpose-built retail and F&B facilities. The signing of the concession agreement, subject to both parties' agreement on its final terms, was expected to occur in first half of 2019, though there was no certainty as to the timing or that the terms of a concession agreement would be agreed, the company added. Story provided by StockMarketWire.com

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