Saga has reported net income of 45.8 million pounds on revenues of 395.9 million pounds for the first six months of 2019, compared to net income of 88.4 million pounds on revenues of 431.9 million pounds for the same period last year.

Saga’s reported cruise revenues of 42.1 million pounds for the six-month period were down from 47.6 million pounds last year, and a loss of 3.4 million pounds compared to income of 4.7 million pounds last year.

The company attributed this year’s loss to the sale of the Saga Pearl II and consequently short term reduction in revenue, as well training, launch, marketing and finance costs for the first of its two newbuilds, the Spirit of Discovery, now in service.

The company reported an average revenue per passenger of 3,827 pounds, up from 3,400 pounds last year, and 11,000 passengers down from 14,000 last year. Per diems dropped to 256 pounds from 264 pounds last year. The load factor stayed constant at 82 percent.

According to Saga, 2019-2020 bookings for the Saga Discovery and 2020-2021 bookings for both of the two new ships reflect strong demand generation and support the group’s target of 40 million pounds EBITDA per ship.

Saga’s total revenue from its travel operations was 219 million pounds for the six-month period of this year, including 176.9 million from its tour operations, down from 230 million pounds last year.

The balance of the total revenues of 395.9 for the six months come from insurance brokering.