Fred. Olsen Cruise Lines, the UK based destinational operator of four medium sized vessels, has reported a deeper net loss for both the second quarter and first half of the year compared to the same periods in 2013, according Bonheur ASA, one of the two listed companies of the Olsen family that jointly own the Ipswich based cruise line.
Net loss deepened to NOK56 million in the second quarter of 2014 from NOK42 million a year earlier, despite a rise in revenue to NOK377 million from NOK340 million. Operating result (EBITDA) became negative by NOK8 million compared to positive by NOK9 million a year earlier.
In the first half of 2014, the company booked a net loss of NOK102 million compared to NOK88 million in the same period last year, while revenues rose to NOK795 million from NOK726 million.
"The UK cruise market’s weak economic conditions continued to result in lower sales. The number of passenger days totalled 274 605 (316 468) for the quarter. Net ticket income per diem was 3% lower compared to the corresponding quarter last year. The average spot price of fuel oil in the quarter was 6% higher than in second quarter 2013," Bonheur said in a statement.
It did not comment on the outlook.