Shares in Global Port Holding (GPH), the world’s largest cruise port operator have extended their deep losses this week after the company had reported a sharp increase in net loss the first half of the year.
The Istanbul based company that operates 14 cruise ports, mainly in the Mediterranean, went public in London in early summer, when its shares floated at £7.45, near the bottom of their £7.40 to £8.40 guided range at the time. This week, they fell below £6.00 and in the morning of 23 August, they were priced at mere £5.88.
The company last week reported a deepening of net loss to $6.9 million from $0.5 million in the first half of 2016, while revenues shrank to $13.9 million from $16.7 million. The company also operators container terminals and revenue from this business actually increased, to $21.5 million from $19.2 million a year earlier.
GPH blamed seasonality in cruise shipping for the weak performance in the latest review period. It has a strategy to grow its network of cruise ports, which currently extends from Lisbon in the west to Singapore in the East.