Fred. Olsen Cruise Lines, the UK based destinational cruise operator, has slashed its losses in 2014 and operating profit more than doubled
The company cut net loss to NOK120 million in 2014 from NOK637 million in the previous year, when impairment charges had hit the bottom line. Revenues increased to NOK1.65 billion from NOK1.47 billion in 2013.
Operating profit (EBITDA) rose to NOK146 million from NOK65 million in the previous year, Bonheur ASA, a listed holding company of the Olsen family that togerher with Ganger Rolf ASA owns Fred. Olsen Cruise Lines.
"The UK cruise market is still weak, however there have been some improvements during second half 2014. Bunker prices have also decreased in the quarter. The number of passenger days totaled 275 737 (292 542) for the quarter," Bonheur said. It did not give guidance for 2015.
