Royal Olympic reports improved figures

Report by John Lavabre

ROYAL Olympic Cruise Lines has reported a net loss of £6.8 million for the first six months of the year.

The figures are an improvement of £1.5 million, or 18.4%, on the same period last year.

Royal Olympic executives said the first half of the year is traditionally slow for its European cruise market. They expect business to pick up and to show a profit by the year end. The cruise line hopes to benefit from the deployment of its newest and largest ship, Olympic Voyager, which was launched in June.

The company also reported revenues increased by 2.2% to £24 million and operating expenses decreased by £1.5 million, or 6.8%, to £20.4 million.