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Article: Norwegian Cruise Line Parent Company Posts $2.6 Million Loss for 1998.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- March 3, 1999
- Author:
CopyrightCOPYRIGHT 1999 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Knight Ridder/Tribune Business News
Mar. 4 -- FORT LAUDERDALE, Fla. -- In a year of record profits for the two biggest cruise lines, the parent company of Norwegian Cruise Line lost $2.6 million after a fourth quarter loss of $12 million.
A statement released on Wednesday by NCL Holding blamed the 1998 results -- which were far worse than analysts had predicted -- on the costs of expanding the fleet of its Miami-based cruise line, emptier ships and high commissions for travel agents, among other factors.
NCL lost $2.6 million on revenues of $767.6 million in 1998, compared to a profit of $1 million on revenues of $651.9 million in 1997. The ...