Fred. Olsen Cruise Lines, which operates four medium sized ships on the British market, has reported a deepening of final quarter loss in 2011 compared to the previous year, while revenues remained stable.
The company booked a net loss of NOK27 million in the last three months of 2011compared to a NOK3 million loss in the same period in 2010. Revenues remained stable at 1.68 billion, parent company Ganger Rolf said in a statement. Higher cost of bunkers was the reason behind weakening of the result, Ganger Rolf said.
The company repaid NOK78 million of dent that amounted to NOK 1.20 billion at the end of last year. Equity in the company amounted to NOK886.4 million at the end of last year, a decrease from NOK925.7 million in the same period in 2010.
Fred. Olsen has two holding companies, Bonheur and Ganger Rolf, that are both listed in Oslo. Bonheur owns 62.1% of the shares in Ganger Rolf and Ganger Rolf controls 20.7% of the shares in Bonheur. The two companies jointly own operating units in the system, including Fred. Olsen Cruise Lines.