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Cruise port operator Global Ports swung to an loss in the first quarter of the year as passenger volumes slumped, driven by the the pandemic-led shutdown of the cruise industry.
For the three months ended 31 March, losses before tax after adding back:interest; depreciation; amortisation; unallocated expenses; and specific adjusting items, or adjusted LBITDA, was $2.6 million compared with a profit of $4 million year-on-year, while revenue rose to $13.9 million from $12.7 million.
Passenger volumes fell 99% to 10,000, compared to 1.3 million in the three months to end March 2020.
Container volumes grew by 3.2%, and general & bulk volumes fell 31.8% in certain low margin cargo items.
Looking ahead, Global Ports said it would provide a detailed update on current trading and outlook when it reports audited financial results for the 15 months to end March 2021 in July 2021.