Concordia parent reveals higher than expected profits
Costa Concordia parent Carnival Corporation has released its third quarter financial results, which show the company is faring better than expected following the ship’s sinking off the coast of Italy in January.
Carnival, which owns several other cruise lines including P&O Cruises, Cunard and Princess Cruises, had warned in March that the tragedy, which led to the deaths of 32 people, could wipe out profits this year.
However, its profits in the third quarter were $1.33bn (£819m), only a shade lower than in the same period of 2011.
As a result of yesterday’s announcement, shares in the US-based company crept up 3%.
Carnival, which heavily discounted Costa cruises this summer to try to lure passengers back onboard following the Concordia tragedy, said it had generated more money from customers once it got them onto the ships.
"The significant efforts of our brand management teams were successful in partially mitigating the decline in cruise ticket prices," said chairman and chief executive Micky Arison.
However, advance bookings for Costa Cruises are still below last year and prices are lower than in 2011.
In the future, the company plans to focus on emerging markets in Asia with the deployment of a second Costa ship in China and the launch of a new Princess Cruises programme in Japan.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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