Falklands firm counts cost of cruise and oil-drilling drop

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The Independent Online

Fewer cruise ships and less oil-drilling activity will mean a drop in profits from £3.2m to about £3m in the year just ended, the Falkland Islands Company said.

The firm, which runs shops, construction and transport services on the islands, added that it still believes "there will be a quantum leap in the economy over the next decade and momentum is expected to build in 2014 as the development of Sea Lion [oilfield] commences".

It said tourist activity was down last year after Argentina pressured cruise ships against stopping at the Falklands, but the situation has returned to normal.

Its other major business, the fine art shipping business Momart, had a strong year thanks to the Manet exhibition at the Royal Academy, Pompeii and Herculaneum at the British Museum, Schwitters at Tate Britain and a David Bowie retrospective at the Victoria & Albert.

The dividend is maintained at 11p a share.