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Carnival predicts buoyant remainder of 2005
Carnival Corporation has predicted a strong second half of 2005 after revealing a 23% rise in net profits in its second quarter.
The global cruise group saw net income rise by $77 million to $409 million in the three months ending May 31 over the same period last year.
Revenues were up by almost 12% to $2.52 billion due to an increase in new capacity and “significant growth” in yields.
Chairman and chief executive Micky Arison said the improved profits came despite “historically high” fuel costs.
He said: “At the end of the second quarter we achieved higher occupancy rates for the last six months of this year than at the same time last year, with higher average prices, which puts us in an excellent position to achieve higher revenue yields in the second half of 2005.”
Arison added: “We came into the second quarter of 2005 with significantly less inventory remaining to be sold verses the same time last year, despite and 8.5% increase in 2005 capacity.”
The US company – with 12 brands including P&O Cruises, Cunard, Costa Cruises and Holland America Line – expects third quarter net revenue yields to rise by 4.5%-5.5% over last year.
The figures emerged as P&O Cruises introduced “traditional” cruise ship Artemis as the fifth vessel in its fleet with a naming ceremony at sea off the Isle of Wight.
Report by Phil Davies
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