Costa Crociere reported revenues of 485 billion Lire for the first six months of 1996, compared to 469 billion Lire for the same period the previous year. Operating income was 39 billion Lire in 1996 compared to 31 billion Lire the previous year.

But struggling under a heavy debt burden, net income for the first six months of 1996 was 1.5 billion Lire, compared to 7.8 billion Lire for the same period in 1995.

Costa listed total debts and liabilities at 1,713 billlion Lire.

The operating cost margin was 67.7 percent with selling and administrative expenses at 25.6 percent, which together with other expenses, gave Costa a total cost and expense margin of 91.8 percent for the first six months of 1996, compared to 93.2 percent for the same period in 1995.

The operating income margin was 8.2 percent before finance costs, which were seven percent of revenues for the first six months of 1996 compared to four percent in 1995.

The net margin was 0.3 percent compared to 1.7 percent the previous year.

Costa derived about 63 percent of its revenues from cruise tickets and about 22 percent from onboard spending. The remaining was derived from different sources, including air ticketing and catering services.

Costa generated 71 percent of its revenues from the European markets; 17.7 percent from North and Central America; and 11.3 percent from Argentina and Brazil.

Italy was the single largest market, generating 30 percent of Costa’s revenues.

By sailing region. 55.8 percent of Costa’s revenues for the six-month period of 1996 were derived from cruises in the Mediterranean and Northern Europe; 34.3 percent from cruises in the Caribbean; and 9.9 percent from cruises in South America.

During the period, Costa operated nine ships with a total of 7,660 berths and reported a total of 1,285,099 passenger days for a load factor of 92.7 percent.

Year-End

At press time it was too early to report 1996 results, but for the year ended Dec. 31, 1995, Costa reported revenues of 949 billion Lire with operating income of 97 billion Lire (6.4 percent), and net income of 48.4 billion Lire (5.1 percent).

Costa derived 69.2 percent of its revenues from cruise fares; 13.2 percent from on board spending; 11.1 precent for air ticketing and other cruise revenues; and the remaining from catering services and other sources.