Norwegian Cruise Line reports Q1 results
South Florida Business Journal
Norwegian Cruise Line said its first quarter net income rose to $5.2 million from a net loss of $145 million for the same quarter last year.
The increase came despite a 15.5 percent decrease in net revenue due primarily to a decrease in net yields and capacity days, the company said. Net revenue for the quarter ended March 31 was $424 million, down from $511 million in the same quarter last year.
The Miami-based cruise line said the decrease in capacity days was the result of two ships leaving its fleet last year.
A third, Norwegian Majesty, Norwegian’s oldest ship, will be retired in October as the cruise line prepares for next year’s delivery of Norwegian Epic, a 150,000-ton, 4,200-passenger ship, for which itineraries go on sale to the general public on May 21.
Lower fuel costs helped offset losses to the company’s earnings, which fell to $32.5 million in the first quarter from $67 million in the same quarter of 2008.
Looking ahead, the company said that, while booking levels are strong, pricing will continue to remain soft.
“Although we continue to be disappointed with the current pricing environment, we are optimistic that we are introducing new people to our brand and bringing in new cruisers to the market,” CEO Kevin Sheehan said in a news release.
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