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Royal Caribbean Enjoy Profit Turnaround

Date Posted: 23 Jul 2010
Category:

Cruise line Royal Caribbean has recorded a profit of $60.5 million for the second quarter of 2010.

After completing the world's largest cruise ship Oasis of the Seas, and with sister ship Allure of the Seas due to sail later this year, the increased capacity helped the cruise line reverse it's loss of $35 million during the same quarter in 2009.

Royal Caribbean's overall sales were up by around 19% from $1.35 billion to $1.6 billion for the three months to the end of June 2010. The strong performance of the brand beat city analysts' forecasts resulting in shares increasing by 7% to more than $26 during trading on Wall Street yesterday.

Richard Fain, chairman and chief executive, said: "What a difference a year makes. It is gratifying to post another solid quarter with improvement in yields and strong cost control.

"Despite ongoing uncertainty with the economy, our profitability continues to improve and our booking environment continues to be remarkably stable.

“We remain focused on strengthening our financial position and I am encouraged about the tremendous global response to our brands."

The completion of the new Oasis class ships, should not only help reduce cost, but the increased capacity should enable the cruise line to sustain profit throughout the year.

2010 is proving to be another great year for the world of cruising.

Written by Charlie Hamilton-Beaufort


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