Tag Archives: net income

MSC Reports Results for 2019

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MSC Ship in Port

MSC Cruises has reported a net income of 405 million euros on revenues of 3.2 billion euros for 2019, compared to net income of 348 million euros on revenues of 2.7 billion euros for 2018.

MSC also reported more than 2.7 million passengers, which it said was an increase of 16.2 per cent from the previous year. Occupancy was 112.3 per cent, up from 111.6 per cent in 2018. Cruise capacity was said to be up 14.4 per cent year-over-year.

Fuel expenses increased 24.1 per cent to 244 million euros from 196 million euros the year before, mainly driven by the additional capacity and price increases, according to MSC.

Interest expenses decreased to 121 million euros from 127 million euros.

Because of the COVID-19 outbreak, MSC said it has suspended all cruise departures for 45 days, until April 30.

Meanwhile, the company said it has put into place measures to preserve its cash position and referred to credit facilities and other sources of liquidity it may activate if needed, amounting to some 900 million euros, in addition to its current cash position of 183 million euros.

In addition, with ships in lay-up, operating costs are being reduced.

Furthermore, MSC stated it is collaborating with key providers and stakeholders to improve its working capital position and is pursuing additional actions by postponing capital expenditures for business initiatives planned in the coming 18 months.

MSC said that because of the circumstances it cannot provide guidance on its financial performance for the year 2020.

Norwegian Cruise Line hails ‘seminal year’ as profits surge

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Norwegian Cruise Line hails 'seminal year' as profits surge

Norwegian Cruise Line’s president and chief executive said he was pleased with a “solid” performance during what had been a challenging year for the industry

The line reported fourth quarter profit of 19 cents per share and a 13.4% improvement in net revenue for the full year due to the addition of Norwegian Breakaway to the fleet.

Although net yields for the year were up 4.3% due to higher ticket prices and onboard spend, the figure was offset by three incremental scheduled dry docks.

President Kevin Sheehan said: “A year that began with a highly successful initial public offering, followed by other transactions which resulted in a strong balance sheet and credit metrics, and the launch of the first ship in our Breakaway class, Norwegian Breakaway, will undoubtedly be remembered as one of the seminal years in Norwegian’s 47-year history.

“The hard work of 25,000 Norwegian team members, all with a keen focus on our vision and mission, has been the catalyst for reaching these milestones, reporting solid financial performance in a challenging year for the industry and positioning the company for measured, disciplined growth.”

For the full year, the company reported adjusted earnings per share of $1.41, an increase of 45% from 2012 when the EPS was $0.97. Adjusted net income for the year was $295.8 million compared to $173 million last year.

At the beginning of this year the line took delivery of its latest ship in the fleet, Norwegian Getaway. Construction is ongoing on new builds Norwegian Escape and Norwegian Bliss, scheduled for delivery in 2015 and 2017 respectively.