MIAMI -- Royal Caribbean Cruises Ltd. reported a third quarter net
income of $191.9 million, down from $193.5 million in third-quarter
Third quarter revenue, on the other hand, increased 8.6% to $1.1
billion, from $1 billion in third-quarter 2002.
Royal Caribbean's management said revenue was driven up by an
increase in capacity, but net income was pushed back down by lower
prices and occupancy levels. Net yields were down 2.1% from
Although bookings rebounded in April following the Iraq war
downturn, the company still had a "big hole" to fill, according to
chief financial officer Luis Leon.
The resurgence has continued, he said, but fourth quarter
bookings look softer than expected.
The company estimates net yields for the fourth quarter to
decline 1% to 3% from the previous year, but its earlier estimate
of a 1% to 2% decline in net yield for the year still holds.
Predicting yield continues to be hampered by the close-in
Bookings made within 90 days of departure now represent 47% of
the total, a percentage that has increased every year since 2000,
when the percentage was 31%.
But the company reported that preliminary indicators for 2004
To contact reporter David Cogswell, send e-mail to [email protected].