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COPYRIGHT 2001 The Miami Herald
Apr. 26--ROYAL CARIBBEAN EARNINGS DECLINE 51 PERCENT: Royal Caribbean Cruises (RCL) Tuesday reported a 51 percent decline in first quarter earnings as it cut prices to lure passengers.
The Miami cruise company said the increase in revenue was due primarily to an increase in capacity in the quarter, offset by a decline in yields, or revenue per passenger. Yields were down 11 percent, primarily due to the impact of the Millennium New Year's event, which boosted last year's first quarter, the company said.
Royal Caribbean said the economic slowdown coupled with increased industry capacity continues to put pressure on pricing. As a result, the company expects yields for the last nine months of 2001 to...
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