Norwegian Cruise Line, the listed company that is the world’s third largest cruise shipping group, has reported a sharp increase in final quarter net profit, but the figure for the full year fell due to rise in costs
Norwegian’s final quarter 2013 net profit rose to $36.0 million from just $1.0 million in the same period a year earlier, when financial items reduced the bottom line. Revenues rose to $600.3 million from$503.1 million.
Full year 2013 net profit fell to $101.7 million from $168.5 million in the previous year despite a rise in revenues to $2.57 billion from $2.27 billion as cruise operating expenses rose by the region of $200 million to $1.65 billion. Marketing expenses and depreciations increased as well. Full year net yields rose 4.3%, while the final quarter figure came higher, at 4.8%.
"A year that began with a highly successful initial public offering, followed by other transactions which resulted in a strong balance sheet and credit metrics, and the launch of the first ship in our Breakaway class, Norwegian Breakaway, will undoubtedly be remembered as one of the seminal years in Norwegian’s 47-year history,” said Kevin Sheehan, president and chief executive officer.
“The hard work of 25,000 Norwegian team members, all with a keen focus on our vision and mission, has been the catalyst for reaching these milestones, reporting solid financial performance in a challenging year for the industry and positioning the Company for measured, disciplined growth,” continued Sheehan.
