Global Ports Holding Reports Drop in Revenue and Increased Passenger Volume Expectations

Global Ports Holding, a London-listed cruise-port operator, has revealed a decline in revenue for the first half of its fiscal year, citing reduced construction activities. However, the company remains optimistic about its passenger volume projections for the year, stating that they are ahead of guidance.

In the six-month period ending September 30, revenue stood at $105.6 million, compared to $118.3 million in the previous year. This decrease can be attributed to the completion of construction activities at Nassau cruise port in the Bahamas.

On a positive note, adjusted revenue, which is the company's preferred metric, saw a substantial increase of 50%, reaching $95.9 million. This growth was primarily driven by a higher number of cruise calls and increased passenger volumes across all regions.

The period also saw a significant rise in cruise passenger volumes, soaring by 54% to 6.7 million. Meanwhile, cruise calls experienced a 15% increase. This suggests that the main driver behind the year-on-year growth in passenger volumes was the notable rise in occupancy levels, which have now surpassed 100% across the company's network, according to Global Ports.

Encouraged by these positive trends, Global Ports Holding has revised its projections for fiscal 2024. The company now anticipates at least 12.5 million passengers, as opposed to the initial expectation of 11.8 million. The improved outlook is a result of the exceptional occupancy performance and the company's sustained strong performance.