Fred. Olsen Cruise Lines, the UK based destinational cruise operator of four medium sized vessels, has reported a sharp increase in losses and a slight fall in revenues in the first nine months of the year, while its equity increased, debt fell and cash position remained little changed.
The Ipswich based company reported a pre tax loss of NOK97 million for the January-September period, a marked deterioration from a loss of NOK40 million in the same period last year.
Revenues fell to NOK1.12 billion from NOK1.29 billion, while operating result (EBIT) turned negative by NOK80 million compared to positive figure of NOK18 million in the same period in 2012, figures released by Ganger Rolf and Bonheur, two listed companies that own 100% of the shares in Fred. Olsen Cruise Lines show.
The company cut interest bearing debt to NOK826 million from NOK1.05 billion at the end of September in 2012, while holdings of cash decreased to NOK218 million from NOK255 million in the same period. Ganger Rolf and Bonheur, which are controlled by the Olsen family and listed on the Oslo Stock Exchange, did not give guidance with regards of the expected future performance of their cruise operations.
Fred.Olsen Cruise Lines are changing their business concept by offering more overnight stays in ports of call and offering more short cruises from ports in the UK. Its 2014 cruise programme includes cruises from 10 ports around the country.
