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Independent cruise port operator Global Ports reported wider first-quarter losses as higher costs offset a climb in revenue.
For the period from 1 January to 31 March 2020, pre-tax losses widened to $16.5m from $13.8m on-year, while revenue rose 3% to $21.4m.
Cruise revenue rose by 102% to $11.0m as passenger volumes rose 146% to 1.25m, driven by the first time contribution from the new Caribbean ports.
Commercial revenues declined by 32% to $10.4m.
The company did not pay an interim dividend after announcing it would suspend its final dividend last year in an effort to conserve cash.
'2020 was the year that the strategy we set at the IPO really started to deliver operational and financial results. Our successful expansion into the Caribbean caused a step change in our Cruise operations in Q1,' the company said.
'Even though the Covid-19 crisis may have derailed this outcome since March, the evidence of this step change can still be seen in our first quarter trading,' it added.