Carnival steams on with recession-defying profits

Carnival Legend cruise

CARNIVAL Corporation, parent company of the world’s largest cruise line group, saw its fourth-quarter profit rise.

The group’s ships are increasingly familiar sights at Liverpool Cruise Terminal, with calls from liners owned by subsidiaries such as Cunard Line, Holland America Line and Princess Cruises.

The profit increase was helped by strong booking volumes and efforts by the Miami-based company to reduce fuel costs.

It issued a 2011 forecast which exceeded most Wall Street estimates.

Carnival Corporation, whose shares rose 3.4% in early trading, forecast 2011 earnings per share of $2.90 to $3.10 for the 2011 fiscal year.

Micky Arison, Carnival Corporation chief executive, said: “Booking trends have continued to improve for both our North American and European brands, particularly for our peak summer season."

The company reported fourth- quarter net income of $248m, up from $193m, in the equivalent quarter last year. Quarterly revenue for the period ended November 30 rose 6.6% to $3.5bn, beating analyst forecasts of $3.36bn.

Liverpool Cruise Terminal benefits from the growing market in round- Britain voyages by Carnival ships.

Their mainly North American passengers make a healthy contribution to the city centre’s economy.

Next September, Cunard Line will make a double visit to Liverpool with the return of flagship Queen Mary 2 and the maiden arrival of the new Queen Elizabeth.

The city will also host Holland America Line’s flagship, Rotterdam, in May, and its new liner, Ryndam, in July.

P&O Cruises, founded 178 years ago and now part of Carnival UK, makes its Liverpool debut with Arcadia, an adults-only cruise liner, in August.

Princess Cruises’ megaliner Crown Princess will make three visits during her regular UK summer season.

Carnival’s German subsidiary, Aida Cruise Lines’ AidaBlu, will call twice in August on cruises from Hamburg.

Carnival, nicknamed “the Tesco of the seas” because of its cruise industry domination, started using two redundant Liverpool ocean liners in 1972.

Canadian Pacific’s Empress of Canada and Empress of Britain were revamped as Carnival’s “Fun Ships” on week-long cruises from Miami.

Carnival’s unstuffy cruises, aimed at a younger market, transformed the industry and took it into the mainstream holiday industry, with a growth which still defies the recession.

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