Fred Olsen Cruise Lines in the black in second quarter

Fred Olsen Cruise Lines in the black in second quarter

Fred Olsen Cruise Lines steamed into the black in the second quarter of the year.

Figures released by Norwegian parent company Bonheur showed that earnings [EBITDA] of NOK 66 million were achieved in the three months against a loss of NOK 8 million in the same period last year.

This resulted in a net quarterly profit of NOK 12 million compared to a loss of NOK 28 million.

The four-ship line with a combined passenger capacity of 3,700 saw revenues for the period rise to NOK 502 million from NOK 377 million year-on-year.

The line’s EBITDA for the first half of 2015 totalled NOK 106 million against just NOK 7 million in the first six months of last year.

This gave Fred Olsen Cruise Lines a half-year net profit of NOK 9 million compared to a loss of NOK 51 million.

The Ipswich-based cruise business is part of a conglomerate that includes offshore drilling, renewable energy and shipping.

Overall group operating revenues were “impacted positively” by higher US dollar, sterling and euro values against the Norwegian krona compared with the corresponding quarter last year, Bonheur said.

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