Shares in the world's largest cruise ports operator fell nine per cent this morning after Global Ports Holding reported a first half loss.
At the time of writing, shares were down nine per cent at 620p.
Global Ports Holding reported a 5.7 per cent drop in revenue for the six months to 30 June, and a loss of $6.7m (£5.2m), which included a $15.1m amortisation expense in relation to port operation rights.
The firm said financial performance had been buffeted by "ongoing weakness in consumer sentiment towards higher margin Turkish cruise ports", while it noted an additional negative forex impact from the weaker euro.
Passenger numbers were up 14.1 per cent on the same time last year though, to 1.5m.
Operating cash flow was still strong and management declared an interim dividend of 21.6p.
Why it's interesting
The world's largest cruise ports operator floated on the London Stock Exchange in May with a share price of 740p, giving the firm a market capitalisation of £465m.
The firm operates across eight countries globally and counts Lord Mandelson among its non-executive directors.
Despite the loss, Global Ports Holding said its overall strategy of expanding its global footprint of cruise ports from the Mediterranean to the Caribbean and Asia, as set out at the initial public offering, "remains on track".
With a number of acquisition targets on the horizon for the company, Global Ports Holding said that will mean a reduction in the importance of its Turkish cruise port operation to the overall business.
What the company said
Emre Sayin, Global Ports Holding's chief executive, said:
While geopolitical developments have had a negative effect on our Turkish cruise revenues, our Turkish commercial segment is robust and has performed well.
Our M&A pipeline of international cruise ports remains strong with progress being made on a number of our target acquisitions and we will update the market as these progress.