Cruise line sees financial turnaround
Monday, 17 Aug, 2009
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Norwegian Cruise Line has reversed losses in its second quarter.
The company achieved a net profit of $15.4 million in the three months ending June 30 against a $27 million loss for the same period last year.
EBITDA improved by 87% to $84.2 million versus $45.1 million for the same period in 2008.
NCL said capacity for the remainder of 2009 is “substantially booked” but at prices below last year, particularly in the third quarter.
CEO Kevin Sheehan said: “Although I believe we are moving beyond the low point with regard to ticket pricing, we must maintain our diligence in controlling costs and carrying out our strategic initiatives.”
Reviewing the past quarter, he said: “I am very pleased with our performance this quarter especially given the current economic climate. Despite the weakness in ticket pricing, we are continuing to achieve improvements in our earnings and have begun to demonstrate consistency in our performance.
“Our continuing razor focus on all aspects of our operation, from revenue management to shipboard and shoreside operations, has resulted in record-setting EBITDA for the quarter and an enormous turnaround from our performance just a year ago. Our entire organisation has rallied together to achieve these excellent results.”
NCL’s next generation Freestyle Cruising ship, Norwegian Epic, was recently floated out of its dry-dock to the outfitting dock where work on interior spaces has commenced.
“Norwegian Epic, with her focus on entertainment, wide range of accommodations and 20 dining options, has created a lot of excitement and anticipation in the marketplace,” said Sheehan.
“We are looking forward to her delivery next summer. Sailings through April 2011 are open for sale and the response from the public has been very positive to date.”
by Phil Davies
Phil Davies
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