Carnival Corporation & plc first quarter net profit soars to $142 million
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- Written by Kari Reinikainen Kari Reinikainen
- Published: 30 March 2016 30 March 2016
Carnival Corporation & plc, the world’s largest cruise shipping group, has reported a strong rise in net profit in the three months to 28 February.
Group net profit rose to $142 million from $49 million in the same period a year earlier, while revenues rose to $3.65 billion from $3.53 billion
Net revenue yields, defined as net revenue per available lower berth day or "ALBD," increased 5.7% in constant currency, which was better than the company's December guidance of up 3.5% to 4.5%. Gross revenue yields decreased 0.4 % in current dollars due to changes in currency exchange rates, the Anglo-American company said in a statement.
Net cruise costs excluding fuel per ALBD increased 1.6% in constant currency and were lower than December guidance, up 2.5% to 3.5%, due to the timing of expenses between quarters.
Gross cruise costs including fuel per ALBD in current dollars decreased 6.0% due to changes in fuel prices and currency exchange rates. Changes in fuel prices (including fuel derivatives), net of changes in currency exchange rates, increased earnings by $0.03 per share.
President and Chief Executive Officer Arnold Donald commenting on these results: “Our teams delivered another strong quarter of operational improvement by creating increased demand for our brands and leveraging our scale which resulted in revenue yield improvement approaching 6 % and the near doubling of first quarter adjusted earnings. We thank our millions of loyal guests and valued travel professional partners around the globe for their patronage and support.”
“Our ongoing guest experience innovations coupled with our increasingly effective marketing and communication efforts have driven additional demand for our brands, resulting in a strong booked position. The lower levels of inventory remaining for sale for the balance of the year, particularly for our peak summer period, positions our brands well for continued revenue yield growth and builds confidence in our full year earnings forecast.”
“Additionally, the underlying strength of our operating performance, leading to sustained earnings and cash flow growth, has accelerated the return of capital to shareholders through our stepped up share repurchase program. Since resuming the share repurchase program, we have bought back approximately 27 million shares returning $1.3 billion to shareholders in the last six months.”
Carnival Corporation & plc to publish first quarter interims on 30 March
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- Written by Kari Reinikainen Kari Reinikainen
- Published: 29 March 2016 29 March 2016
Carnival Corporation & plc, the world’s largest cruise shipping company, will publish its three months to 29 February interim report on 30 March. A conference call will take place at 3.00 pm BST, 10.00 am EDT.
Carnival group’s Fathom brand receives green light from Cuba
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- Written by Kari Reinikainen Kari Reinikainen
- Published: 22 March 2016 22 March 2016
Carnival Corporation & plc, the world’s largest cruise shipping group, said the Cuban government granted approval for the company to begin travel to Cuba starting on 1 May 2016, marking the first time in over 50 years a cruise ship can travel from the United States to Cuba.
Fathom will use the 704-passenger Adonia that will be transferred from P&O Cruises in the UK. The Southampton based company will continue to manage the vessel. The plans to launch the brand were unveiled in New York last summer.
“Fathom’s round-trip cruise itinerary between the U.S. and multiple destinations in Cuba offers a chance to experience a rich and vibrant culture that, until now, most U.S. travelers have only seen in photographs,” Carnival group said in a statement.
European cruise market growth accelerated to 3.1% in 2015
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- Written by Kari Reinikainen Kari Reinikainen
- Published: 21 March 2016 21 March 2016
The number of Europeans that took a cruise holiday rose by 3.1% to 6.6 million last year, a marked acceleration of growth from a mere 0.5% recorded in 2014, figures released by CLIA Europe showed.
However, the growth rate of the market last year came slightly below an average of 3.4% recorded in 2011-15.
Germany was the biggest source market in Europe in terms of passenger numbers, with 1.81 million, an increase of just 2% on 2014. However, its growth slowed drastically from an average rate of 8.3% over the past five years. The German market produced 15.8 million bed nights, the second highest figure in Europe, and the average duration of cruises taken by Germans was 8.7 nights, the figures show.
The UK generated 1.79 million passengers, an increase of 8.8% year-on, whereby the market returned to growth after a 5% decline in passenger number in 2014. The 2015 growth rate was also well above the average figure of 2.1% for the past five years.
In terms of bed bights, the UK was the largest source market in Europe, with 19.8 million bed nights in 2015. The average duration of a cruise booked in Britain was 11.1 nights.
Spain returned to growth last year, with a 2.7% rise in passenger numbers, which reached 466,000. Italy recorded a 32,000 passenger decline and produced 810,000 passengers last year. Belgium, Switzerland, Austria and the Netherlands also suffered a drop in volumes.
In all, the European source market covered 57.6 million bed nights and the average duration of a cruise taken by Europeans was 8 nights, CLIA Europe figures show.
Genting Hong Kong's cruise losses mount but sales gains lift 2015 profit
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- Written by Kari Reinikainen Kari Reinikainen
- Published: 21 March 2016 21 March 2016
Genting Hong Kong, the Hong Kong based cruise shipping group, has reported a fourfold increase in the loss from its cruise operations for 2015 on the previous year, but sales gains significantly lifted the group's overall result.
The cruise operations, which include the Far East focused contemporary market Star Cruises and the luxury market Crystal Cruises that is based in Los Angeles, booked a loss of $49.5 million from its cruise operations last year, compared to a loss of $9.8 million in 2014. Revenues increased to $652.8 million compared to $530.7 million. Ticket revenues more than doubled to reach $289.1 million from $141.4 million, while on board revenues fell slightly, to $363.3 million from 389.4 million.
"Passenger ticket revenue increased significantly in 2015 due to the contribution from Crystal Cruises. However, the higher provision against trade receivables in 2015 has resulted in an increase in segmental loss of our “cruise and cruise-related activities”. The increase in segmental loss of our ‘non-cruise activities” was mainly due to higher operating loss from our international marketing activities in relation to our Manila operations and lower revenue from aviation operation," the company said in a statement.
Genting Hong Kong's cruise related assets were valued at $3.49 billion at the end of 2015, sharply higher than than the $2.24 billion figure at the end of the previous year. Again the acquisition of Crystal Cruises accounts for the increase. Cruise related liabilities also increased significantly, to $927.7 million from $601.6 million. Loans and borrowings accounted for $519.2 million and 448.9 million of these, respectively, while the rest was made up by other liabilities.
Genting Hong Kong, which is domiciled on Bermuda and listed in Hong Kong, was able to increase its net profit to $2.11 billion last year from $397.8 million in 2014 due to a sharp increase in sales gains, which reached $2.22 billion compared to $397.8 million. This was due to large scale sales of shares in Norwegian Cruise Line Holdings, Ltd, the world's third largest cruise shipping group. Revenues of Genting Hong Kong climbed to $689.9 million from $570.8 million.
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