Independent journal on economy and transport policy
08:14 GMT+1
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Strong declines in the results of the port business of Turkish Global Ports Holding
The company ended the second quarter with a net loss of about 20 million euros
August 20, 2020
In the first half of 2020, revenues stood at 739.9 millions of Turkish lira, with an increase of 16.3% on the first half last year, of which 348.0 million were produced by the ports (13.6%). Group EBITDA was equal to 147.6 million (-35.3%), of which 84.4 million were (-56.8%). The Turkish group specified that, net impact on the results of the Covid-19 pandemic, the EBITDA of the in the first half of 2020, it would have increased by 26%. GPH closed the first half of this year with a loss -343.7 million Turkish lira compared to a net loss of -343.7 million 137.2 million in the same period of 2019.
GPH highlighted the significant negative impact that the pandemic coronavirus has had on its port activities and, in particular, on those cruises. In the first six months of this year passengers moved to the group's cruise terminals 1.3 million, down -35.7%. In the segment of the conventional and bulk-up freight traffic is 583 million tonnes (up 27.3%), while the number of tonnes 91,000 teu (-13.8%).
Analyzing the outlook for business recovery Turkish group explained that the situation continues to be very uncertain even though several companies cruise lines have restarted operations and others are preparing to do so by the end of this year. GPH, however, pointed out management has taken a number of steps to ensure that the long-term future of its business so much so that this business branch can be safeguarded even in the presence of a scenario in which no ship will be a stopover in the group's terminals until 2022.
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In the first half of 2020, revenues stood at 739.9 millions of Turkish lira, with an increase of 16.3% on the first half last year, of which 348.0 million were produced by the ports (13.6%). Group EBITDA was equal to 147.6 million (-35.3%), of which 84.4 million were (-56.8%). The Turkish group specified that, net impact on the results of the Covid-19 pandemic, the EBITDA of the in the first half of 2020, it would have increased by 26%. GPH closed the first half of this year with a loss -343.7 million Turkish lira compared to a net loss of -343.7 million 137.2 million in the same period of 2019.
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
