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05 Aug 2019 | 08:23

Global Ports downgrades outlook on earnings amid ongoing weakness in Q3

Cruise port operator Global Ports warned earnings growth was expected in the low single digits as performance in the third quarter of the year had remained weak.

'(M)anagement now believe that for full year 2019 organic growth in the Group's Adjusted earnings (EBITDA) will be low single digit,' the company said.

The company previously said that it was confident of delivering on its expectations of mid to high single digit percentage growth in EBITDA for the full year.

The downgraded outlook comes as trading at its commercial ports had been affected by the macro-economic environment, with both cargo and container volumes weak in the period, the company said. Trading so far in the Q3 - historically an important quarter for its commercial ports - had remained weak.

Its cruise business, however, had performed strongly in H1 and this performance has continued into Q3. '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,' said Emre Sayin, Chief Executive Officer.

Story provided by StockMarketWire.com
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