Royal Olympic Cruises reported a net loss of $4.6 million on revenues of $9.2 million for its first quarter ended Feb. 28, 1998, compared to a net loss of $5.3 million on revenues of $10.5 million in the same quarter in 1996. The first quarter results of this year also included a gain of $2.2 million from the sale of a ship, the Olympic.

The drop in revenue was attributed to fewer cruise days being offered in the period due to the Odysseus being hit by a freighter which necessitated the cancellation of a cruise for repairs. Bookings on subsequent cruises were softer than anticipated.

ROC pointed out that the first quarter is traditionally the company's weakest, when it has only two ships in service, and represents less than 10 percent of the company's total passenger days.