Royal Olympic Cruises (ROC) has reported net income of $4.9 million, or $0.35 per share, on revenues of $38.4 million for its third quarter ended Aug. 31, 1999, compared to net income of $9.3 million, or $0.66 per share, on revenues of $51.3 million for the same period in 1998.

ROC said the results for the quarter were materially affected by the crisis in Kosovo, which it said severely impacted Eastern Mediterranean tourism leading to cancellations of advance bookings and lower-than anticipated bookings.

For the nine-month period, ROC reported a loss of $7.6 million, or $0.54 per share, on revenues of $80.0 million in 1999, compared to net income of $4.4 million, or $0.36 per share, on revenues of $89.0 million in 1998.

At press time, ROC traded for $4 1/8 on the NASDAQ compared to a 52-week high-low of $5 1/8 - $1 1/2.

With a $7.6 million loss for the nine months ended Aug. 31, 1999, ROC is expected to post a loss for its fiscal year - ended November 30.

Last year, ROC posted net income of $102,000 for its fourth quarter.

For the year as a whole, ROC posted net income of $4.5 million in 1998 and $7.7 million in 1997.

In its third-quarter report, ROC said it continues to study various alternatives to reduce costs both onboard the vessels and shoreside.