Solid yield recovery underway – Royal Caribbean
Wednesday, 29 Jan, 2010
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Royal Caribbean Cruise Lines ended 2009 with better than expected fourth quarter results despite a $400 million full year profits decline.
Net profit for the three months was $3.4 million, more than double the $1.5 million achieve for the same period a year earlier.
But for the full year, the cruise group saw net profits slump to $162.4 million from $573.7 million in 2008. Revenues for the full year 2009 declined to $5.9 billion from $5.6 billion the previous year.
Chairman and CEO Richard Fain said: “Good cost discipline and better than expected revenues have enabled us to end 2009 on a decidedly upbeat note.
“We’re happy to say goodbye to 2009 and pleased to embark on 2010 with an outlook of solid yield improvement, strong cost controls and improving returns to our shareholders.
“We are also benefiting from the terrific success of our latest Oasis- and Solstice-class vessels. These ships are generating very healthy returns due to high guest satisfaction, excellent revenues and lower operating costs."
The company reported that early "wave season" bookings have been encouraging.
Since the beginning of September, new bookings have been running approximately 30% higher than the corresponding period a year ago.
Current price levels are also ahead of the same time last year across the majority of the company.
“Wave season is off to a promising start," said chief financial officer Brian Rice. “It is still early in the selling cycle for 2010, but our order book is stronger and prices are higher than at this same time last year.
“We clearly are not at pre-recession demand levels, but we are pleased to see solid yield recovery underway.”
by Phil Davies
Phil Davies
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