Global Ports Holding, the London-listed cruise-port operator, has announced a significant turnaround in its financial performance for the first half of its fiscal year. With a surge in passenger numbers and an increase in adjusted earnings, the company has also revised its passenger guidance for the year.
During the period ending September 30, the company achieved a pretax profit of $3.4 million, a stark contrast to the previous year's pretax loss of $4.4 million. Furthermore, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to $64.1 million, up from $40.4 million.
While revenue dipped to $105.6 million from $118.3 million due to decreased construction activities at Nassau Cruise Port, adjusted revenue saw a significant increase to $95.9 million, compared to $64.1 million in the previous year. This growth was primarily driven by the higher number of passenger volumes across all regions.
Passenger numbers witnessed a remarkable 54% rise, totaling 6.7 million, as occupancy levels began to normalize post-pandemic. The company now expects passenger figures for the year ending March 31 to reach at least 12.5 million, surpassing the previous projection of 11.8 million. Looking ahead, Global Ports Holding predicts that by fiscal year 2025, passenger numbers will approach the 14 million mark.
"Our call reservations for calendar year 2024 demonstrate a strong demand for cruising, indicating further significant growth in the business," stated the company.
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