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Carnival announces dip in profits
Higher fuel prices caused a dip in Carnival cruiseline's annual profit of $100m, but the company said its bookings for 2012 were strong.
The company announced net income of $1.9bn for the year ended November 30, compared with a net income of $2bn in 2010.
Announcing the company's full year results, chairman and chief executive officer Micky Arison described 2011 as "an encouraging year".
"Our North American brands performed well, achieving an almost 4% revenue yield increase, while our European, Australian and Asian brand yields were in line with the prior year despite having been significantly impacted by the geo-political unrest in the Middle East and North Africa."
He said higher revenues partially offset the 32% fuel price rise, and cash from operations provided more than ample funds for Carnival's $2.7bn capital investment programme.
"Our base business is solid and we are experiencing strong booking volumes leading into wave season, our heaviest booking period which begins in early January," added Arison.
"Despite the uncertain economic environment, we anticipate a continued slow recovery in yields in 2012."
By Linsey McNeill
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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