NCL 2009 Q3 Earnings

Norwegian Cruise Line (NCL) has reported net income of $85.6 million on revenues of $550.7 million for the third quarter ended Sept. 30, 2009, compared to net income of $171.2 million on revenues of $639.0 million for the third quarter last year. NCL said the decline in net income reflected foreign currency exchange translation gains in 2008 of $117.6 million.

According to NCL, the drop in revenue was primarily due to lower ticket prices, which were partially offset by an increase in onboard and other revenue. The cruise line also had less capacity due to the departure of the Norwegian Dream from its fleet in November of 2008.

Occupancy was 114.8 percent this year, compared to 111.3 percent last year.

NCL also said that net cruise costs were down due to lower fuel costs combined with a decrease in crew payroll and other operating expenses. Operating income in the third quarter of2009 was $113.5 million, up from $100.6 million in 2008.

The fourth quarter of 2009 is substantially booked, NCL said in its press release, and bookings for the first quarter of 2010 are pacing ahead of last year.

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