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Weak Caribbean bookings hit Carnival
“Further weakness” in bookings for Caribbean cruises has prompted a profit warning from Carnival.
The US giant revised its profits forecasts to be “roughly in line” with last year, blaming soft second half bookings, principally in the Caribbean, and significantly increased fuel costs of $265 million compared to 2005.
The group, with a fleet of 80 ships worldwide, is the largest cruise operator in the world with 12 brands including P&O Cruises, Cunard and Ocean Village in the UK.
Chairman and CEO Mickey Arison said: “Although we are disappointed having to lower our guidance for the year, we believe the fundamentals of our business remain sound and our long-term strategies position us well to grow our business in 2007 and beyond.”
But the announcement was interpreted in some quarters as reflecting a decline in US consumer confidence and discretionary spend compounded by concerns about the hurricane season in the Caribbean following Hurricane Katrina last year.
Report by Phil Davies
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