Star Cruises Reports Q2 Results for 2001

Star Cruises has reported net income of $4.8 million, or $0.12 per share, on revenues of $327.2 million for the second quarter ended June 30, 2001, compared to net income of $2.5 million, or $0.08 per share, on revenues of $361.8 million for the second quarter of 2000.

According to Star, revenue was down year-over­ year due to a 5.3 percent decrease in capacity days and a 4.5 percent decrease in yields.

For the six months ended June 30, 2001, Star reported net income of $9.2 million, or $0.22 per share, on revenues of $662.6 million, compared to net income of $3.7 million, or $0.12 per share, on revenues of $552.5 million. 

According to Star, revenue for Star Cruises' Asia Pacific operations decreased 5.9 percent in the second quarter due to a decrease of 5.8 percent in capacity while yield was maintained at the same level. The company disposed of the Star Aquarius, the Megastar Capricorn and the Megastar Sagittarius, which was partially offset by the addition of the Norwegian Star in November of 2000.

Revenue for Norwegian Cruise Line (NCL) decreased by 10.7 percent due to a 4.9 percent decrease in capacity and a 9.9 percent decrease in yields. The decrease in capacity days was mainly due to a more extensive drydocking schedule than in 2000 plus the cancellation of a seven-day cruise for the Norway and the transfer of the Norwegian Star to Star Cruises.

Fleetwide occupany was 97 percent for the second quarter, with Star posting a reported load factor of 90 percent and NCL 103.8 percent.

Long term, the Star Group is clearly banking on NCL, which is receiving two new ships this fall; with a third following in 2002.

Management said that the introduction of Freestyle Cruising had been costly, but it now believes it can lower the cost of execution.

In Asia, Star has struggled a bit in new markets and now plans to make Japan a seasonal market, while it is also reportedly planning to introduce a new brand, running a budget­ priced cruise ferry from Xiamen to Hong Kong, seeking to tap the mainland China market.

Star will also take over the Norway from NCL this fall, but has not yet announced its intentions for the aging liner.

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