[Source: Michael Sheil]

The Port Denarau Marina recorded a 60 percent decline in its operating revenue for half year ending January 31st.

In its market announcement the company highlighted its net loss of over $212, 000 compared with a net profit of $2.6m reported for the same period last year.

It says while this result is disappointing, it did exceed the budget for six months.

The company expects the year-end result to also exceed the budget.

The Management of Port Denarau Marina says the opening of borders through the Blue Lane initiative has been a positive factor in their revenue stream.

The Marina under the initiative welcomed over 90 foreign-flagged vessels last year.