ROYAL CARIBBEAN Q3 PROFITS RISE BY $50M

Royal Caribbean Cruises has recorded a strong summer period with net profits up by $50 million to $395 million.

Revenue for the three months ending September 30 rose to $2 billion from $1.6 billion in the same period last year.

The record results came in the face of higher fuel prices and "other challenges," said chairman and CEO Richard Fain.

"Building on a solid third quarter, we are encouraged by the strength of our late season European itineraries, and the continuing recovery in the Caribbean pricing environment," he added.

Booking levels and prices are "up nicely" in the first quarter of 2008 over levels achieved this year, the company said. Overall booking levels and prices are up for next year.

The company said it had taken action to reduce energy consumption and cost of fuel in the face of volatile fuel prices which have risen significantly in recent months.

Royal Caribbean, which runs the Celebrity Cruises brand and has a joint venture with Pullmantur in Spain, said projected capacity increases are estimated at 12.4% (2007), 6.4% (2008), 9.3% (2009), 11.4% (2010) and 6.4% (2011).

by Phil Davies