Fred. Olsen Cruise Lines, which operates four medium sized vessels on the British market, has reported a widening of of loss in the final quarter of last year, but the full year result shows a profit instead of a deep loss.

In the last three months of 2015, the company made a net loss of NOK 71 million compared to a NOK 63 million loss in the same period a year earlier. Revenues rose to NOK 433 million from NOK 387 million, according to figures released by Bonheur ASA, one of the two listed holding companies of the Olsen family.

For the full year 2015, Fred. Olsen Cruise Lines reported a net profit of NOK 71 million compared to a loss of NOK 120 million in 2014. Revenues rose to NOK 2.09 billion from NOK 1.66 billion.

 “The number of passenger days totalled 259 214 (275 737) for the quarter. Net ticket income per diem was 15% lower compared to the corresponding quarter last year. The average spot price of fuel oil in the quarter was 42% lower than in 4 quarter 2014,” Bonheur said.