Q2 Earnings

Second quarter profits for Kloster Cruise, Ltd. was $9 million compared to $6.8 million in the same quarter last year. For the six months ending June 30, 1990, profits were $19.3 million compared to $25.3 million for the same period in 1989.

Regency Cruises reported a loss of $1.7 million for the first six months of 1990 compared to net income of $870,000 last year. Net income for the second quarter was $337,000 compared to $471,000 for the second quarter in 1989.

Regency blamed its results on overcapacity in the Caribbean and the May grounding of the Regent Star. Revenues for the second quarter were $29,644,000 compared to $31,330,000 in the same period in 1989.

A spokesperson for Kloster Cruise said that while fare revenues for Norwegian Cruise Line and Royal Viking Line were down three percent for the first six months of 1990, this was primarily due to a weak first quarter by RVL. Onboard sales, meanwhile, were up five percent over the same period last year. In addition is a net contribution by Royal Cruise Line, which the spokesperson said “continues to develop favorably.”

The spokesperson attributed softer bookings for RVL to marketing problems. “There is nothing wrong with the cruise market,” he said, “nor with the product. Instead, we have been a little slow in responding to the competitive pressures created by the other operators in the luxury segment. We seem to have a handle on it now and bookings for next year look much better.”

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