Royal Caribbean slips to second quarter loss

27th Jul 2012
Royal Caribbean slips to second quarter loss

Royal Caribbean said earlier it had slipped to a loss for the second quarter of financial 2012, as increased fuel prices offset a rise in revenues.

Excluding unique items, the Miami-based Royal Caribbean reported second quarter net loss of $3.6 million or $0.02 per share, compared to net profit of $93.5 million or $0.43 per share last year.

As a result of the loss Royal Caribbean provided a weak earnings outlook for the third quarter and cut its expectations for the full year.

Passenger cruise days were higher at 8.5 million for the period, compared to 8.34 million last year.

Net cruise costs, excluding fuel, were up 5.8 per cent for the quarter, compared to last year.

For the third quarter, Royal Caribbean expects earnings of $1.40 to $1.50 per share.

For the full year, the cruise line now expects earnings of $1.70 to $1.80 per share, compared to prior guidance of $1.80 to $2.10 per share.

Chief executive Richard Fain said: “The steady drumbeat of negative news emanating out of Europe is certainly having an impact.”

However, trading in Asia remains strong, he concluded.


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