TROUBLE IN TURKEY SINKS MANDELSON’S PORT FIRM
SHARES in the world’s biggest independent port operator for cruise ships sank to a record low yesterday after a drop in holidaymakers visiting Turkey led it to post a loss in its maiden set of results.
Global Ports Holding, which brought on board former Labour business secretary Lord Mandelson as a director in April on a salary of £93,000, listed on the London market in May.
But the firm, which runs 14 ports for cruise liners, ferries, and yachts across eight countries including Turkey, Spain and Singapore, made losses of £5.2m in the first half of the year having made a profit of £310,000 in the same period a year earlier.
Global Ports has been hit by a drop in consumer sentiment towards Turkey and a decline in cruise calls at Turkish ports as a result of ongoing political uncertainty in the country.
While revenues fell by 5.7pc year-onyear to £38.5m, Global Ports saw passenger numbers rise by 14.1pc to 1.5m from 1.3m over the period, and said it still plans to buy more ports. Shares fell 10.3pc, or 70.5p, to 612p yesterday, an all-time low valuing it at £384.5m.