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Royal Caribbean posts record net income
Royal Caribbean has recorded record net income for the third quarter of almost $375 million despite “challenging” market conditions.
The figure is a rise of more than $92 million on the third quarter of 2004, $44 million of which was generated by the redemption of its shares in First Choice.
Revenues also increased, from $1.4 billion to $1.5 billion, due to an increase in prices and a 1.9% increase in capacity.
“It has been a very successful quarter and a successful year,” said chairman and chief executive Richard D Fain. “The cost of fuel and the lack of capacity growth have been very challenging. Nevertheless, the success of our revenue enhancement efforts and cost control programme has more than compensated.”
Forward bookings for the fourth quarter of 2005 are in line with expectations, the cruise line said, with pricing and load factors ahead of last year.
Advanced bookings for 2006 also remain healthy with similar load factors but increased selling prices. Fuel costs remain a concern however.
“If 2006 at-the-pump fuel prices remain at current levels the company estimates that the fuel costs will increase by approximately £140 million,” a statement said.
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