Royal Caribbean Cruises posted a strong 2015, with net income only down about $98 million from 2014, despite a $411 million write-down of Pullmantur.

Without the write-down Royal Caribbean would have posted net income of $27.96 per passenger day, compared to actual earnings of $17.28, down from $20.81 for 2014.

Posting net income of $665.8 million for last year, compared to $764.1 million for 2014, the result was driven largely by cost reductions as gross and net pricing per passenger day was down year-over-year, with gross onboard spending also down, but net onboard up slightly.

Operating expenses per passenger day was $132.27 last year, compared to $144.54 in 2014, mostly due to lower fuel costs which dropped to $10.66 per passenger day from $25.81 the year before.

Gross revenues were up due to increased passenger capacity.