A decrease in capacity and lower ticket prices brought Norwegian Cruise Line’s net income down to $85.6 million during the third quarter of 2009, from a $171.2 million profit during the same period of 2008.
NCL said that it pulled in $550.7 million in revenue during the third quarter, down from the $639 million it made during the same period of 2008.
Net income also declined because last year's third quarter included a currency exchange gain of $117.6 million.
NCL experienced a 10.1% net yield decrease in the third quarter and a 5.7% decrease in capacity days due to the departure of the Norwegian Dream from the company’s fleet in November 2008.
However, the line’s third-quarter occupancy increased to 114.8%, up from 111.3%.
A weakness in pricing was partially offset by an increase in onboard spending and other revenue, NCL said.
NCL saied it cut cruise costs during the quarter by 20.1%, primarily due to lower fuel costs as well as a decrease in payroll and other ship operating expenses. It also benefited from "rigorous shoreside cost-saving initiatives."
Looking ahead, NCL said that the fourth quarter was substantially booked and that bookings for the first quarter of 2010 were pacing ahead of last year, and that booking activity indicates that cruise pricing continues to stabilize.