NCL Profits Double

Wednesday, October 20, 1999
Norwegian cruise company NCL Holding ASA said on Wednesday pre-tax profits almost doubled in the nine months to September 30 amid firm market sentiment and strong demand. The Miami-based company said third-quarter earnings were negatively affected by between $18 and $19 million due to accidents with two of its cruise liners and reduced demand in the Mediterranean due to the conflict in Kosovo. NCL posted pre-tax profits before extraordinary items of $36.18 million between January and September, up from $18.6 million in the same year-ago period. Operating profits edged lower to $64.3 million from $65.7 million, while revenues grew by 13 percent to $651.8 against $575.4 million. But the figures came in slightly below the market consensus for an operating profit of $70.4 million and NCL closed 1.70 down on the Oslo bourse at 19.30 crowns.
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