Istanbul, Turkey (PortSEurope) August 6, 2019 – Istanbul-based Global Ports Holding (GPH), a leading cruise port operator, has published a half year trading update ahead of interim results announcement on 20 August 2019.
The update says that trading at oits commercial ports has been affected by the macro-economic environment, with both cargo and container volumes weak in the period. Q3 is historically an important quarter for its commercial ports and trading so far in the period has remained weak.
GPH’s cruise business has performed strongly in H1 and the performance has continued into Q3. Management believes that for full year 2019 organic growth in the Group’s Adjusted EBITDA will be low single digit.
Emre Sayin, Chief Executive Officer said: “Our commercial ports are not immune to macro-economic factors and recent trading as a result has been challenging. However, our previous experiences suggest that the trading performance will improve over time. Trading at our cruise ports has once again been very positive and we continue to work hard to deliver on new cruise port investments and management agreements.”
Global Ports Holding was established in 2004 as an international port operator with a diversified portfolio of cruise and commercial ports. it operates 17 ports in 9 countries.
Following the announcement of a strategic group review on July 5 this year, Istanbul-based Global Ports Holding has said that it is looking for a duty free and travel retail partner at four of its ports – Malaga (Spain), Zadar (Croatia), Cagliari and Catania (both Italy).
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