HONG KONG (Bloomberg) — Star Cruises Ltd., Asia's largest cruise operator, posted its first profit in four quarters, helped by increased travel demand and the sale of a vessel.Net income rose 83 percent to $60.4 million, or 1.11 cents a share, in the three months ended September 30, compared with $33 million, or 0.62 cents, a year earlier, the Hong Kong-based company said in an e-mailed statement today. Sales rose 19 percent to $683.3 million.

Higher demand for cruise holidays is helping operators including Star Cruises — which owns regular Bermuda callers Norwegian Majesty, Norwegian Crown, Norwegian Spirit and Norwegian Dawn — to counter rising fuel costs. An estimated 11.7 million people will go on cruises this year, an increase of 4.5 percent, according to the 19-member Cruise Lines International Association.

Star Cruises made a gain of $16.7 million in the third quarter from the sale of the Norwegian Crown, it said. The company also received $7.3 million in compensation income from a shipyard, it added.

The cruise line's third-quarter operating profit, or sales minus the cost of goods sold and administrative expenses, rose 5.4 percent from a year earlier to $82.7 million.

The company's operating expenses per capacity day dropped 0.4 percent. Fuel made up 18 percent of operating expenses in the period, compared with 16 percent a year earlier, it said.

Average fuel prices rose 18 percent from a year earlier, Star Cruises said without elaboration. The price of 380 Centistoke marine bunker fuel, used by ships, averaged $318.50 per metric ton in Singapore in the third quarter, 11 percent higher than a year earlier, according to Bloomberg data.

Star Cruises' net revenue yield, or revenue per passenger per day, fell by 3.9 percent in the third quarter, it said without elaboration.

The company made a loss of $8.6 million in the first nine months, compared with a $43.6 million profit a year earlier, it said. Sales rose 24 percent to $1.78 billion in the nine months to September.

Star Cruises operates under it namesake brand, as well as Norwegian Cruise Line, Orient Lines and Cruise Ferries. Kuala Lumpur-based Genting Bhd. indirectly holds 36.3 percent of Star Cruises through its Resorts World Bhd. unit, Asia's biggest publicly traded casino operator.

The company plans to raise between HK$1.6 billion ($206 million) and HK$1.78 billion in a rights offering to fund vessel acquisition and general working capital, it said on Nov. 9.

Star Cruises' NCL unit said in September that it may buy as many as three larger ships for 2.17 billion euros ($2.8 billion) to help its Norwegian Cruise Line stay competitive with Royal Caribbean Cruises Ltd. and Carnival Corp.

Miami-based NCL agreed to buy two ships from France's Aker Yards SA, one for delivery in the fourth quarter of 2009 and the other in the second quarter of 2010. It has an option with St. Nazaire-based Aker for a third in 2011.

Shares of Star Cruises rose 2.1 percent to HK1.45 in Hong Kong before the announcement. Its Singapore-traded shares were unchanged at 18.5 cents.