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Currency woes drag Fred. Olsen Cruise Lines deeper to red in first quarter

Fred. Olsen Cruise Lines, the UK based destinational operator of four ships, has reported a significant deepening of first quarter net loss on currency woes that offset higher ticket prices and a rise in the number of passenger days, its Oslo based parent company Bonheur ASA said in a statement..

The company reported a pre tax loss of NOK55 million compared to a loss of NOK4 million in the first quarter of last year on wakening of the British pound against the krone, the company’s accounting currency and the US dollar, the currency in which most of its expenses are calculated.

Net ticket income rose to GBP116 per passenger day from GBP108 a year earlier and the number of passenger days rose by 4.8% to 271,634. Revenues fell to NOK480 million in the first three months of the year from NOK497 million in the same period last year, while operating profit (EBITDA) narrowed to NOK19 million from NOK30 million.

 

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