Fred. Olsen Cruise Lines, the UK based destinational cruise operator jointly owned by the Olsen family’s two Oslo listed holding companies Ganger Rolf and Bonheur, has reported a rise in revenues and operating result, but net losses remained unchanged from year on in the first three months of 2014, Bonheur said in a statement.
Revenues rose to NOK419 million from NOK386 million, while EBITDA increased to NK124 million from NK1 million. Net loss of MNK46 million was unchanged from a year ago.
“The UK cruise market’s weak economic conditions and overcapacity continued to result in lower sale. The number of passenger days totaled 300 343 (296 800) for the quarter. Net ticket income per diem was 5 % lower compared to the corresponding quarter last year. The average spot price of fuel oil in the quarter was 4% lower than in 1 quarter 2013,” Bonheur said.