Royal Olympic reports revenue rise

ROYAL Olympic Cruises has reported a 17% increase in revenues for the nine months ending August 31 compared to last year.

However, net profits for the quarter decreased from $10.4 million to $7.6 million.

The figures show that the cruise operator, which forecast a loss of $12 million this year as a result of the September 11 attacks, will achieve a modest profit in its year-end results (Travel Weekly October 10).

Royal Olympic chief executive Yiannos Pantazis said: “The results are positive signs that the initiatives to attract customers is starting to pay dividends.”