Regent Reports Strong Rise in Earnings

[HostDave]

Regent Seven Seas Cruises, the luxury market unit of the Miami based Prestige Cruise Holdings group, has staged a strong rise in both third quarter and January-September net profit on firmer yields.

The company reported third quarter net profit of $32.8 million, compared to $20.9 million in the same period last year, while revenues increased to $165.9 million from $159.0 million. In the first nine months of the year, Regent's net profit rose to $34.3 million from $17.5 million in the same period in 2012 on revenues of $433.0 million, an increase from $411.9 million.

Net Yield for the third quarter of 2013 increased 10.6% $638.08 from $577.00 in the same period in 2012. Net cruise costs, excluding fuel, only rose by 0.2% to $287.15

Frank Del Rio, chairman and CEO said in a statement:“We are pleased to have reached record revenues, Adjusted EBITDA and net income for the third quarter. Along with our financial results, we were also proud to take home Virtuoso's "Best Luxury Cruise Line" honour for the third consecutive year. Both our financial results and market accolades are a reflection of the focus we place on providing our guests with an exceptional experience."