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Fred. Olsen Cruise Lines enjoyed strong 2016

Fred. Olsen Cruise Lines, the UK based destinational cruise shipping company, enjoyed a strong 2016, with full year profit significantly higher than in the previous year and the final quarter loss markedly lower than that in 2015.

Operating revenues fell a fraction, to NOK2.07 billion from NOK2.09 billion in 2015, but net profit rose to NOK163 million from NOk71 million and operating margin (EBITDA) improved by one percentage point to 15%, show figures released by its parent company Bonheur ASA, a listed company that is controlled by the Olsen family.

In the final quarter of 2016, the company made a loss NOK27 million compared to a NOK70 million loss in the last three months of 2015m,while revenues fell to NOK401 million from NOK433 million. Operating margin became positive by 4% after being negative by 2% in the last quarter of 2015. Fred. Olsen Cruise Line is free of debt.

Bonheur said that the depreciation of the British pound against the dollar had raised costs as these are largely in the dollar, but added that bookings had been strong and net ticket income per diem had risen by 10% in the final quarter