Wednesday, 9 November 2011

Profits up for Norwegian Cruise Line after 'strong' summer


Profits up for Norwegian Cruise Line after 'strong' summer

Profits up for Norwegian Cruise Line after 'strong' summer
Norwegian Cruise Line has hailed a strong summer season for an 18% jump in quarterly profits.
Operating profits were up to $162.7 million in the three months to September while adjusted EBITDA came in 13.4% up at $210 million over the same period last year. Net revenue grew by 4.6% to $491.6 million mainly as a result of an increase in net yield of 3.8% driven by higher ticket prices.
Net cruise costs declined by 5.3%, excluding a 17.9% rise in the price of fuel, helped by ongoing business improvement initiatives coupled with non-recurring expenses in the third quarter of 2010 related to the launch of Norwegian Epic last year.
President and chief executive Kevin Sheehan said: “A strong summer season resulted in solid top-line growth in the quarter. “Pricing was up across the fleet despite several voyages being impacted due to tropical weather conditions in the [US] Northeast and Caribbean.”