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‘Exciting times’ for Royal Caribbean
Royal Caribbean Cruises has posted positive results for the quarter and says the cruise market is bouncing back.
The group posted second quarter net income of $122 million, up from $56 million the previous year. This improvement was put down to a number of factors including increased cruise ticket prices, occupancy, onboard revenues and a 12% increase in capacity.
Royal Caribbean says it is also managing its strategic pricing more effectively. “The company has been able to fill on a more profitable basis remaining berths as sailing approaches”, a statement read.
All this has pushed net yields up 13% year on year for the second quarter, and Royal Caribbean anticipates a rise in yields of 7% – 9% for the whole of 2004, subject to “external shocks”.
Chairman and chief executive, Richard Fain said: “These are exciting times for Royal Caribbean. The marketplace is demonstrating characteristics that we haven’t seen since prior to 2001.”
Bookings for 2005 are ahead of forward bookings this time last year, according to Royal Caribbean.
The company also announced a lengthening and refurbishment of the ship, Enchantment of the Seas. This will add 151 cabins as well as a restaurant, lounge, coffee shop and ice cream parlour.
Report by Ginny McGrath
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