RCL Profits Up 18.5%

Royal Caribbean Cruises Ltd. reported an 18.5 percent leap in third quarter profits to a record and said that industry fundamentals were strong despite competitive pricing. Miami-based RCL, the world's second largest cruise operator, said third quarter net income rose to a record $201.5 million, or $1.04 per share, from $170.0 million, or $0.92 in the same period of 1999. Revenues rose to $835.2 million from $734.5 million. For the nine months to September 30, net income rose to $415.3 million, or $2.15 per share, from $345.5 million, or $1.88 per share. Revenues rose to $2.20 billion from $2.00 billion.