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Upbeat Royal Caribbean back in profit

The boss of Royal Caribbean Cruises has reported a “remarkably stable” booking environment despite ongoing economic uncertainty.


Chairman and chief executive Richard Fain was speaking as the parent company of Royal Caribbean International, Celebrity Cruises and Azamara Club Cruises produced a second quarter net profit of $60.5 million against a loss of $35.1 million for the same period last year.


“What a difference a year makes. It is gratifying to post another solid quarter with improvement in yields and strong cost control,” he said.


“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.”


Revenues improved to $1.6 billion in the second quarter of 2010 against $1.3 billion in the second quarter of 2009, as a result of capacity increases and yield improvements, the company said.


Chief financial officer Brian Rice said: “Demand for our cruises remains on track with our earlier projections.


“The strengthening of the US dollar will clearly result in a reduction of our reported yields, but also provides a corresponding reduction in expenses. Most importantly, our continued focus on cost controls and efficiency is driving improved earnings.”



 

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