Carnival cruises to record profits
Carnival, the world’s largest cruise group, has issued an optimistic forecast for 2005 after seeing net profits rise to a record $1.85 billion this year.
The increased earnings, up from $1.21 billion in 2003, reflect a “superb” performance in the first full year since the merger between Carnival and P&O Princess, according to chairman and CEO Micky Arison.
The record results came despite unusually severe Atlantic hurricanes which disrupted cruises and hit earnings in the fourth quarter.
During the last three months of Carnival’s financial year ending November 30 it ordered six new ships, including two vessels which are likely to operate under the company’s European brands, the company revealed. The pair of ships would be in addition to two for German subsidiary AIDA Cruises.
Mr Arison said the groundwork had been laid for future expansion over the next five years after introducing a record eight new ships in the last 12 months.
He added: “The strength of our 2005 advance bookings, combined with the continued strength in overall leisure travel, builds confidence that 2005 will be another very good year.
“We are entering 2005 with a significant head start over 2004. Even with an expected nine per cent capacity increase in 2005, we have less inventory to sell now than at this time last year. Also, the booking curve has lengthened substantially from where it was last year at this time.”
The company has just taken delivery of 2,974-passenger Carnival Valor and receives sister ship Carnival Liberty in July next year together with 1,968-passenger Arcadia for P&O Cruises in April.
Carnival runs 12 cruise brands operating 77 ships and has 12 more vessels due for delivery between April 2005 and April 2009.
Report by Phil Davies
Phil Davies
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