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Global Ports Holding Plc – Interim Results For The Six Months Ended 30 June 2018 – Valletta Cruise Port

Global Ports Holding Plc – Interim results for the six months ended 30 June 2018 – Valletta Cruise Port

Global Ports Holding Plc – Interim Results For The Six Months Ended 30 June 2018 – Valletta Cruise Port

Istanbul, Turkey (PortSEurope) September 9, 2018 – On August 17, 2018, Turkey’s Global Ports Holding, one of the leading cruise port operators in the Mediterranean, published its interim results for the first half of 2018.

Below is the information regarding Valletta Cruise Port (Malta).

Valletta continues to contribute strongly, welcoming 282,000 passengers (H1 2017: 311,000), a decrease of 9.2% on the same period last year.  This y-o-y reduction in passenger volumes in H1 2018 was driven by an increase in the number of weather-related cancellations during the winter months. Given current scheduling commitments, the company expects the negative percentage impact on PAX volumes to reduce for the full year.

Valletta’s revenue for the period was $5.7 million (€4.93 million) (H1 2017: $5.2 million), an increase of 9.8% y-o-y. However, on a constant currency basis revenue fell 2.1%. With this outperformance vs passenger volumes being primarily driven by higher yields per PAX, which rose 21.0% in the period, 7.9% in constant currency. This increased per PAX yield was primarily driven by the positive impact of planned tariff increases.

Valletta delivered $2.5 million (€2.16 million) of EBITDA in the period, a decrease of -0.6% yoy (H1 2017: $2.6m/€2.25 million), albeit on a constant currency basis, EBITDA fell 11.0%. This divergence from the trend in revenue was primarily the result of increased costs associated with the hosting of MedCruise (Association of Mediterranean Cruise Ports) General Assembly during the period. 

Ancillary revenues at Valletta increased by 7.6% in the period, a fall of 4% in constant currency. This performance was largely driven by the decrease in PAX volumes during the period, offset by the impact of a rise in the ancillary yield per PAX. The rise in the yield per PAX was driven by a number of factors, most notably stable ancillary revenues from areas not directly related to PAX volumes as well as an improvement in the performance of our GICs.

Established in 2002, Valletta Cruise Port is the only licensed cruise and ferry terminal operator in Valletta, Malta.

Source: Global Ports Holding

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