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Carnival chief predicts ‘challenging year’ in 2009
Thursday, 19 Dec, 2008
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Carnival Corporation chief Micky Arison has forecast a “challenging year” for the travel industry in 2009.
His prediction came as the cruise conglomerate saw its full year profit decline to $2.3 billion from $2.4 billion.
Fourth quarter net profits rose from $358 million a year ago to $371 million for the three months ending November 30.
Higher cruise prices for the group’s North American brands plus a cost controls helped offset $84 million in higher fuel outlay in the quarter.
Arison said the company was able to produce “solid earnings” in a “very difficult” year despite a 55% hike in fuel costs.
“As expected, 2009 is shaping up to be a challenging year in the travel industry,” he said.
“Over the years we have positioned the company to weather the difficult economic environment we now face."
One potential silver lining is the continuing drop in fuel prices which are forecast to cut fuel costs by $278 million in the coming financial year.
“We have strong cash flows from operations, a solid balance sheet, and a secure liquidity position," said Arison.
“These factors combined with the outstanding value proposition inherent in a cruise vacation and our low cost structure will prove to be significant assets in the current environment.”
by Phil Davies
Phil Davies
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