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P&O Princess Cruises doubles quarterly operating profit
P&O Princess Cruises has announced that it nearly doubled its quarterly operating profit on the same period last year, despite the impact of the September 11 attacks.
The group’s operating profit for the fourth quarter of 2001 was $31.2 million, up from $15.8 million in the same period in 2000.
Like-for-like net revenue yields were 5% lower than in the corresponding period last time, which the group said is significantly better than forecast at the time of its third-quarter results announcement.
P&O Princess Cruises chief executive Peter Ratcliffe said: “These results are a testament to the underlying strength of demand for our brands and the successful efforts of our staff in reducing unit costs without affecting their commitment to providing outstanding vacations for our passengers in a safe and secure environment.
“In North America, booking patterns have returned close to normal and the wave season has got off to a strong start. We are making rapid progress in reducing the cumulative booking shortfall caused by the events of September 11.
“As the September 11 events have not had a significant effect on our European and Australian operations, these businesses are having a stabilising effect on our earnings as we go through this period of recovery.”
Mr Ratcliffe added: “Our confidence in the underlying strength of the industry, and our own position within it, remains. The proposed combination with Royal Caribbean will enable us to accelerate the creation of value for our shareholders from this position.”
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