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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

MHI's Entity to Oversee Material Handling Equipment, Engine and Turbocharger Businesses

Today Mitsubishi Heavy Industries, Ltd. (MHI) decided in principle to launch a new wholly owned entity to integrally oversee its current businesses in material

Globus Maritime Reclassifies Board Member

Globus Maritime Limited, a dry bulk shipping company, announced today that when Georgios Karageorgiou, a Class I director of Globus Maritime Limited  resigned on December 28,

First Panama Canal Water-Saving Basin Filled

The Panama Canal Authority (ACP) announced that the first water-saving basin of the Agua Clara Locks’ upper chamber has been filled to the required level in order

Cruise Ship Trends

World's Richest Travellers Prefer Panama

According to AFP Relaxnews, Panama saw the most growth in interest among the world’s richest jetsetters for travel this winter and spring.   Panama saw the most

SS United States to Sail Again

Crystal Cruises reaches deal to restore the record-breaking and storied SS United States to a fully operational modern luxury cruise ship   Crystal Cruises has

Royal Caribbean Posts 4Q Profit

Royal Caribbean Cruises Ltd reported 2015 results and provided guidance for 2016. Continuing on its Double-Double trajectory, the company’s adjusted earnings for 2015 were $4.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.0888 sec (11 req/sec)