Royal Olympic Cruises (ROC) has reported web earnings of $7.6 million, or $0.54 per share, on revenues of $57.1 million for its third quarter ended Aug. 31, 2001, in comparison with web earnings of $10.4 million, or $0.74 per share, on revenues of $51.3 million for a similar quarter a yr in the past.
With web earnings lowering by 26.9 p.c, web earnings per passenger day dropped by 45 p.c within the third quarter, from $32.55 in 2000 to $17.80 in 2001. ROC reported occupancy of 82.8 p.c throughout third quarter 2001, versus 90.3 p.c in 2000.
In response to a press release by administration, “Through the third quarter of this monetary yr the corporate operated nearly all of its vessels on Aegean and Japanese Mediterranean cruises. Within the aftermath of the terrorist assaults on Sept. 11, a big variety of the corporate’s superior bookings had been cancelled.”
As of Aug. 31, 2001, ROC had roughly $7.6 million in money. In response to administration, “These funds, together with money from operations, are anticipated to be the corporate’s principal supply of capital to fund its debt-service necessities.”
A spokesperson confirmed that ROC has not too long ago laid off round 45 staff in Piraeus, New York, London and Paris, with downsizing unfold evenly throughout accounting, resort and technical departments.
ROC additionally not too long ago introduced that it “anticipated” the long-delayed Olympia Explorer to start service from Venice in spring/summer time 2002. In response to a press release, “ROC delegates and representatives from Blohm+Voss in Hamburg had a really constructive assembly in Piraeus concerning the supply of the Olympia Explorer.” Supply of the ship had initially been slated for April 27, 2001.
At press time, the Olympia Voyager was quickly out of service for an intensive verify previous to its switch to U.S.-based cruising out of Houston beginning this winter and persevering with via April 2003. The Triton and Olympic Countess had been nonetheless in service in Greece, whereas the rest of the fleet had entered its regular winter lay-up.
ROC reported a web lack of $14.8 million, or $0.98 per share, on revenues of $102.6 million for the 9 months ended Aug. 31, 2001, in comparison with web earnings of $175,000, or $0.01 per share, on revenues of $87.3 million for a similar interval a yr in the past. ROC attributed the web loss to curiosity bills and depreciation associated to the Olympia Voyager in addition to losses on monetary devices.
For the nine-month interval, web earnings per passenger day dropped from a web achieve of $0.32 per passenger day in 2000 to a web lack of $19.68 in 2001. Occupancy throughout this era decreased from 79.0 p.c in 2000 to 77.0 p.c in 2001.
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