OSLO, Norway (Reuters) - Royal Caribbean Cruises Ltd (RCL.N) (RCL.OL), the world's second-largest cruise group, reported a dip in third-quarter profit yesterday and disappointed investors with a bleak fourth-quarter forecast.

The operator of the Royal Caribbean and Celebrity lines of luxury ships, which serve Bermuda, said third-quarter net profit slipped to $191.9 million, or 97 cents a share, from $193.5 million, or 99 cents a share, in the same 2002 period.

It said earnings for all of 2003 were expected to be in the range of $1.42 to $1.46 per share, meaning a slight loss for the fourth quarter after earnings per share of $1.53 for the first nine months.

A Reuters survey of analysts in Oslo had indicated expectations of a third-quarter profit of $187 million, or 95 cents a share.

Shares in Miami-based Royal Caribbean fell 2.5 percent to 211.5 Norwegian crowns ($30.17) on weak bookings for the fourth quarter, breaking a recovery after the war in Iraq. The shares later recovered in US trading and were up 14 cents at $30.50 on the New York Stock Exchange.

"Guidance for the fourth quarter was disappointing," one analyst said.

Revenue in the third quarter was helped by additions to Royal Caribbean's fleet and rose 8.6 percent to $1.1 billion from $1 billion a year earlier.

"The increase in revenues was primarily due to an increase in capacity and shipboard revenues, partially offset by lower cruise ticket prices and occupancy levels," it said.

Royal Caribbean said net yield, a closely watched measure of revenues per passenger that excludes passenger air fares and travel agent commissions, declined 2.1 percent in the third quarter.

It forecast that net yields for the fourth quarter of 2003 would fall one percent to three percent from the same 2002 period. The group had forecast in July that fourth-quarter net yields would be "roughly flat to slightly down."

Jack Williams, president of the cruise group, said sales for early 2004 were ahead of early 2003, though volume was insufficient to make firm predictions.

"The early indications are quite encouraging," Williams said in a conference call with institutional investors.