By Anthony O. Goriainoff
Global Ports Holding PLC said Wednesday that it expects to report a swing to an adjusted Ebitda loss for the first quarter as cruise-passenger volumes for the period fell by 99% on year due to the shutdown in the cruise industry stemming from the pandemic.
The London-listed, cruise-port operator said that for the quarter, it expects an adjusted loss before interest, taxes, depreciation and amortization–a metric which strips out exceptional and other one-off items–to be $2.6 million. The company reported adjusted Ebitda of $10.3 million for the first quarter of 2020.
Global Ports Holding said, although passenger volumes to the end of March were 10,000 compared with 1.3 million in the year-prior period, cruise activities have now restarted at some of its ports on the Mediterranean as well as in Singapore.
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View more information: https://www.marketwatch.com/story/global-ports-holding-to-swing-to-1q-ebitda-loss-due-to-virus-271623221740