Cruise operator Royal Caribbean has seen net income fall 40 per cent to $47 million over the first quarter of financial 2012.

However, revenue at the cruise giant increased from $1.7 billion to $1.8 billion.

Royal Caribbean said a fall in bookings recorded during the period was partially due to the impact of the Coast Concordia sinking.

The vessel – which is operated by rival Carnival Corporation – sank off the coast of Italy on January 13th with the loss of 32 lives.

Poor economic conditions in European markets have also played a roll in the slowdown, Royal Caribbean said.

The group operates the Celebrity Cruises, Azamara Club Cruises, Pullmantur, CDF Croisieres de France and TUI Cruises brands, alongside the Royal Caribbean International vessels.

The impact of the Concordia incident is, however, expected to be limited moving forward, Royal Caribbean said.

“We do not expect the impact of the Costa Concordia tragedy to be long term, and we are seeing evidence the effects are waning,” said Royal Caribbean chairman Richard Fain.

Bookings in the second and third quarter of 2012 have also been hit, Fain explained, with the four quarter and early 2013 looking stronger.

First quarter earnings per share at Royal Caribbean are 21 cents, down from 36 cents for the same period last year.