News

Carnival Corp & plc final quarter and full year profit fall

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 21 December 2011 21 December 2011

Carnival Corporation & plc has reported fourth quarter net income of $217 million compared to $248 million on the last three months of its previous financial year. Revenues increased to $3.69 billion in the period to 30 November from $3.39 billion in the same period last year. Full year net profit fell to $1.91 billion from $1.98 billion, while revenue increased to $12.1 billion from $11.0 billion.

Chairman and CEO Micky Arison noted that earnings on a non-GAAP basis were in line with the company’s September guidance for the fourth quarter of 2011.

Commenting on 2011 full year results, Arison said, “On the whole, 2011 was an encouraging year for our global portfolio of cruise brands. Our North American brands performed well, achieving an almost four percent revenue yield increase, while our European, Australian and Asian brand yields were in line with the prior year (constant dollars) despite having been significantly impacted by the geo-political unrest in the Middle East and North Africa. Higher revenue yields partially offset a 32 percent increase in fuel prices, which reduced earnings by $535 million or $0.68 per share for the year.”

Pacific Sun sold to undisclosed buyers

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 20 December 2011 20 December 2011

P&O Cruises Australia has sold the 1986 built Pacific Sun of 47,262 gross tons to undisclosed buyers. The ship will make its last cruise under the Carnival Corp & plc brand from Brisbane on 1 July next year, according to a report on news.com.au

The ship was built for Carnival Cruise Lines at the now defunct Kockums shipyard in Malmo in Sweden as Jubilee and transferred to the Australian company in 2004. Its sister ship Celebration that entered service in 1987 is currently trading as Grand Celebration of sister company Iberocruceros. All three companies are part of Carnival Corp & plc group.

P&O Cruises Australia continues to operate three former Princess Cruises’ vessels, Pacific Dawn, Pacific Jewel and Pacific Pearl, which were built between 1989 and 1991. All have received major refits prior to their entry into service with P&O Cruises Australia. Pacific Sun has recently been transferred under the Maltese flag, while the other three ships of P&O Cruises Australia fly the Red Ensign of the British merchant fleet.

Thomas Cook reports £398 million pre tax loss for 2010/11 financial year

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 14 December 2011 14 December 2011

Thomas Cook plc, Europe's second largest tour operator, has unveiled a £398 million pre tax loss for 12 months to 30 September 2011 on revenues of £9.81 billion, compared to a profit of £42 million on revenues of £8.89 billion a year earlier, the company said in a statement.

• Revenue increased 10% (8% at constant currency) to £9,809m on volume, price and mix gains and benefits from acquisitions;

• Good performances in Central Europe, Northern Europe and Airlines Germany offset by a fall in UK profit and the impact of MENA disruption, particularly in France resulting in a 16% reduction in underlying profit to £304m;

• Exceptional charges of £573m resulted in a loss before tax of £398m (2010: £42m profit). The charges are largely non-cash and include £428m of impairments and write-downs. Cash exceptionals were £90m (2010: £158m);

• Free cash inflow improved by £50m to £18m despite the fall in profits;

• Implementation of UK turnaround plan underway. Turnaround expected to deliver £110m annualised improvement in profitability, following a phased build-up over three years;

• Further progress on asset disposals made, with the sale of five hotels in Spain, that will result in an estimated net debt reduction of £81m;

• Cautious stance on winter capacity taken in UK, Central and West & East.

Sam Weihagen, Group Chief Executive, Thomas Cook Group plc said: “This has been a very challenging year for the Group, despite which we still delivered an underlying operating profit of over £300m. We have instigated significant management changes and implemented a turnaround plan in the UK to address our areas of underperformance. We continue to take action to substantially strengthen the balance sheet and the Board is undertaking a full strategic review. I am confident that these changes will improve profitability and build a stable foundation from which to rebuild shareholder value. Customers have been very supportive in recent weeks and are continuing to book with Thomas Cook. Bookings outside the UK were broadly unaffected by news of our refinancing and in the UK bookings have recovered well. For over 170 years Thomas Cook has provided customers with fantastic holiday experiences and we will continue to do so.”