Carnival Corporation & plc, the world’s largest cruise shipping group, has reported a 58% rise in net profit in its latest financial year and the fresh figure finally beat a record set in 2008.
Group net profit in the financial year to 30 November rose to $2.78 billion from $1.76 billion in the same period a year earlier, while revenues rose to $16.39 billion from $15.71 billion.
In the final quarter of the financial year, the profit reached $609 million compared to $270 million a year earlier. Revenues increased to $3.94 billion from $3.71 billion.
Carnival Corporation & plc President and Chief Executive Officer Arnold Donald noted in a statement: "We achieved the most profitable year in our company's history as well as record fourth quarter earnings. The continued execution of our core strategy to drive consumer demand in excess of measured capacity growth, contain costs and leverage our industry-leading scale resulted in our third consecutive year of significantly higher earnings and return on invested capital.”
The profit for the latest financial year exceeded a record of $2.42 billion set way back in 2007. However, at that time, the company only carried 8.14 million passengers compared to 11.53 million in the latest financial year, indicating that margins remain bellow of those before the crisis.
Gross revenue yields (revenue per available lower berth day or "ALBD") increased 1.6%. In constant currency, net revenue yields increased 4..1% for 4Q 2016, better than September guidance of up approximately 3%.
Gross cruise costs including fuel per ALBD increased 0.2%. In constant currency, net cruise costs excluding fuel per ALBD increased 1.0%, in line with September guidance of up approximately 1%. Changes in fuel prices (including realized fuel derivative losses) and currency exchange rates decreased earnings by $0.04 per share versus the prior year.