Slightly recovering from a near two-year closure of cruise tourism, Margaritaville (Turks) Limited said it is anticipating a better summer season for its business which suffered significant fallout since the novel coronavirus pandemic.

Directors John Byles and Ian Dear, in a recent interim report to shareholders, said that while, “Cruising activities fell below expectations for the winter tourist season to date”, the lifting of previously imposed restrictions by the US Centers for Disease Control and Prevention (CDC) have begun to pave the way for a resumption of normal activities.

“A lot of the restrictions were removed recently and the cruise lines are already experiencing improved bookings as a result. We expect a more active than usual summer season for cruising,” they said.

Margaritaville (Turks), a subsidiary of Margaritaville Caribbean Group, which operates across the food, beverages and gift shop segments, secures a bulk of its earnings from cruise passengers during their visit to the islands.

Following the long suspension of cruise activities, the entity during the third quarter period ended February saw a total of 120,876 passengers returning to the Grand Turk Cruise Port after calls from some 67 vessels. This translated to an average of about 1,804 passengers per ship call though still below the usual average calls of 2,870 passengers.

Revenues of US$974,015 were earned during the review quarter when compared to zero for the previous year’s period and a total of US$975,061 for the nine months. The company, however, continued to suffer losses owing to increased expenses. Loss for the quarter amounted to US$166,861 down from the US$261,014 recorded for the similar quarter last year.

“Above normal expenditures were incurred as we secured work permits for all the returning and new service staff, as the previous complement was reduced due to the extended suspension of business,” the company informed shareholders, noting also that some additional expenses and charges for repairs and maintenance and the sourcing of ingredients and service items were expected to carry forward as the business returns to optimal staffing levels.

“These charges are expected to normalise over the coming months and quarters,” the directors, however, said indicating that they remain in dialogue with partners as they make arrangements to gradually return to pre-existing credit terms with suppliers to ensure adequate supply of dry goods and service items.