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Carnival shares firmer after interims

  • Written by Kari Reinikainen
  • Category: Top Headlines

Shares in the two listed holding companies in the Carnival group rose after the group had published its first quarter interim result, with a deeper than forecast loss of $0.18 per share, equating to a net loss of $139 million.

Carnival plc, the UK holding company traded 1.3% higher at £19.53 in London  at 1545 local time (1045EST), while the shares in the US holding company Carnival Corp had gained 0.78% to $31.19 at the same point of time. Overall, the global equity markets were rising slightly today. 


 

 

Consumer faith in Costa brand to be restored – Arison

  • Written by Kari Reinikainen
  • Category: Top Headlines

CarnivalCorp & plc will restore faith of consumers in its Costa Crociere brand,whose Costa Concordia was lost in a grounding off the Italian coast on 13January in which more than 20 people died and whose Costa Allegra suffered anengine room fire about a month later, although nobody was hurt in thisincident, says Chairman and CEO Micky Arison.

“Wehave every confidence that we will restore consumer faith in the Costabrand and the excellent reputation Costa's management team has built for theorganization which has a deep-rooted Italian heritage spanning more than 60 years,”Arison said in a statement.

CarnivalCorporation & plc expects to carry nearly 10 million guests on itsglobal fleet this year and the long-term fundamentals of our business remainstrong as consumers continue to place tremendous importance on quality andvalue when making vacation decisions, he stated.

Yields at North American brands heading for “modest improvement” - Arison

  • Written by Kari Reinikainen
  • Category: Top Headlines

Carnival Corp & plc Chairman and Chief Executive Officer Micky Arison commenting on the outlook after the group published result for the three months to 29 February by saying that North American brands enjoy a slight rise in yields, but the ones in Europe – apart from Costa – are likely to see a slight drop.

"Our base of business for 2012 is solid and booking volumes have gradually improved, which we believe is a testament to consumer confidence in the cruise industry's long-standing record of exceptional safety. Despite the slowdown in bookings, all of our North American brands are still expecting a modest yield improvement in 2012 while our European brands, excluding Costa, are expecting to have slightly lower yields due in part to the slowing European economies.

Overall, based on current pricing trends, any consumers holding out for deeper than normal discounts may be disappointed."

 Arison also noted that the company's cash flow remains strong and is expected to approach $3.3 billion in 2012 (including net insurance proceeds), which is sufficient to fund this year's capital expenditure requirements and expected dividend distributions without the need for additional financing.  

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