Princess Cruises Profits Plummet 64%

Thursday, April 26, 2001
P&O Princess Cruises reported a widely expected slump in first-quarter profits, with earnings partly dented by lower cruise prices. Pre-tax profits for the three months ending March fell 64 percent from the same period last year to $18.9 million. Basic earnings per share for the company -- which was demerged from ports, logistics and ferry operator P&O last year -- fell to 2.6 cents for the quarter from 6.6 cents a year ago. Cruise operators such as P&O Princess, Carnival and Royal Caribbean have all felt the effects of the U.S. economic slowdown on their revenues and earnings. Royal Carribean, the world's second biggest cruise group behind Carnival, said on Wednesday that first-quarter profits nearly halved from early 2000 as U.S. economic weakness led to lower ticket prices. P&O Princess said the North American market remained competitive on pricing but it continued to earn returns above its cost of capital. The group added that like-for-like net revenue yields were six percent lower, and forecast an overall decline in yields of two to three percent for 2001. - (Reuters)
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Blackstone Unlikely to Enter Commodities Trade

Blackstone exec doesn't expect move into commodities in near term Blackstone Group LP is unlikely to make a foray into commodity trading in the short term as

Cargill to Buy 100,000mt of Certified Ivorian Cocoa

U.S. agribusiness trader Cargill aims to purchase 100,000 metric tons of certified Ivorian cocoa this season, up slightly from 95,000 metric tons last season, West

CMA CGM Strengthens Madagascar Presence

Since the creation of CMA CGM Madagascar in 2003, container shipping company CMA CGM Group has continued to develop on the island to move closer to its valued customers

Cruise Ship Trends

China Homeport for Latest Giant RCI Cruise Ship

Royal Caribbean International says that its latest cruise ship, 'Quantum of the Seas', will make its home port in Shanghai (Baoshan), China The ship will reposition to China in May 2015,

Holland American Line donates $100,000 to Desmond Tutu Peace Foundation

In honor of Archbishop Emeritus Desmond Tutu’s work to spread peace, justice and democracy around the globe, Holland America Line has made a $100,000 donation to

Cruise Industry Disappointed by Findings of Critical LMU Report

New research by the UK's Leeds Metropolitan University (LMU) claims the cruise industry is ignoring its responsibility to the environments and societies it visits.

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1498 sec (7 req/sec)