Norwegian dips after stock market float
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Norwegian Cruise Lines has experienced a loss in he first quarter of 2013, which the company is putting down to expenses incurred leading up to its initial public offering (IPO).
The firm, which posted a loss of around US$96 million – on revenues of US$527.6 million – this compares to last year where the company recorded a US$3.2 million profit on revenues of US$515.4 million.
Norwegian has said the efforts made for the IPO cost it somewhere in the region of US$110 million. If these hadn’t been incurred the company would have been in profit by around US$14 million.
“We are excited to announce another quarter of strong results, especially in light of this being our first quarter as a publicly traded company,” said Kevin Sheehan CEO and president of Norwegian Cruise Line. “These strong results bring us to nineteen consecutive quarters of year over year Adjusted EDITDA growth.
“Our initiatives for driving demand, pricing discipline and continuous improvement resulted in strong earnings and record guest satisfaction scores,” he added. “These efforts contributed to our successful initial public offering and notes offering which further optimised our capital structure, strengthened our balance sheets and positioned Norwegian for future growth.”