TheNorwegian ferry and cruiseship operator reduced its pre-tax loss to NOK 110m($18.5m) for the first three months of 2014, down from NOK 133m in the same period ayear ago, and said prospects are good for further improvements in its resultsthis year.
Ebitdarose by NOK 24m to NOK 42m as operating revenues increased to NOK 751 m fromNOK 707m. The improvements were due to its MS Fram cruiseship and Spitsbergen travelbusinesses gaining more customers and higher revenues per cruise night.
Thecompany’s main business area remains its Norwegian coastal operation whereoperating revenues remained largely flat at NOK 601m as capacity utilisationwas 53% during the cyclically weak first quarter period.
“Goodprogress with presales for the rest of 2014 in the Norwegian coast, MS Fram andSpitsbergen product areas means that the board is confident that the company’sincreased commercial focus and expanded marketing commitment in both the US andthe Nordic region will contribute to a more profitable 2014 and a significantimprovement in results compared with 2013,” Hurtigruten forecast.
Hurtigrutenmade an overall gain of NOK 1m on efficiency measures which included the saleof its two remaining fast ferries.
However,consolidated operating expenses before depreciation and impairment rose to NOK709m, from NOK 689m, reflecting higher sales and marketing-related costsrelated to the higher revenues.
Netfinancial expenses fell to NOK 54m, from NOK 64m, as interest charges werereduced from the redemption of NOK 393m in debt.
