Regent Seven Seas reports first-quarter profit

 

hsampson@MiamiHerald.com

Regent Seven Seas Cruises, a Doral-based cruise line with three luxury ships, turned a small profit in the first quarter of the year.

In financial results released Monday, Regent said its $1.8 million profit was an improvement over the first quarter of 2013, when it posted a net loss of $5 million. The company said total quarterly revenue of $132.3 million set a record. Net cruise costs excluding fuel increased 1.7 percent, while the company spent $10.6 million on fuel compared to $11.3 million a year earlier.

Net yield, or the net revenue per available passenger cruise day, increased more than 9 percent to $524.40.

Regent is part of Prestige Cruise Holdings, which manages assets in Apollo Management’s cruise portfolio. While privately held, Regent reports financial results because it carries public debt. Parent Prestige Cruises International intends to sell up to $250 million in stock to the public, according to a registration filed with the Securities and Exchange Commission in January.

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