Carnival reports major drop in Q2 income
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Carnival Corporation has reported a major downturn in profits for the second quarter of 2012.
The company posted net profits of US$159 million (£102m) for the three-month period – 22.8% lower than the £132m achieved in Q2 2011. Revenues slipped 2.8% to £2.24bn.
The company’s chairman and CEO Micky Arison said however, that the earnings were better than expected.
“Cruise ticket prices, excluding Costa, held firm… which, combined with stronger than expected onboard revenues, drove yields above prior year levels. Our North American brands performed well, achieving a 3% revenue yield improvement compared to the prior year, which more than offset slightly lower yields for our Europe, Australia and Asia brands,” he said.
Carnival also raised its profit forecast for full-year 2012 to £1.15-£1.22 per share, compared to the March guidance of 89p-£1.09.
“The long term fundamentals of our business remain sound,” Arison added. “We are pursuing multiple opportunities to develop emerging cruise markets including positioning a second Costa ship in China and through a series of Princess cruises dedicated to the Japanese market in 2013”.
