Royal Caribbean Lays Off 400 to Offset Rising Fuel Costs

02 Aug 2008

Royal Caribbean Cruises Ltd., the world's second-largest cruise operator, announced plans Monday to cut about 400 jobs--most from its Miami headquarters--and slash operating expenses by $125 million as second-quarter earnings plunged 34%. RCCL said Monday that second-quarter profits slid to $84.7 million compared with $128.7 million in the same period last year. The company is scheduled to host a conference call today on the financial results. Despite record high fuel prices, consumer demand for cruises and onboard spending "continues to be resilient," the line said in a statement.