CARNIVAL Corporation & plc has released its financial results for the year to 30 Nov, confirming record levels of sales and profit. The cruise giant’s array of brands including P&O Australia, Carnival Cruise Line, Holland America, Cunard, Seabourn, Princess and Costa, recorded a 10% increase in sales to a total...
CARNIVAL Corporation & plc has released its financial results for the year to 30 Nov, confirming record levels of sales and profit.
The cruise giant’s array of brands including P&O Australia, Carnival Cruise Line, Holland America, Cunard, Seabourn, Princess and Costa, recorded a 10% increase in sales to a total of US$20.4 billion, while adjusted net profit was also a record US$3 billion for the 12 month period.
The company’s Chief Executive Officer Arnold Donald (pictured) said a strong fourth quarter had helped the company overcome the impact of “a high number of unusual events, compounded by a significant downturn in leisure travel demand for our large source markets in Continental Europe”.
The last 12 months have been difficult for the cruise sector, with Hurricane Dorian, the Trump administration’s ban on cruising to Cuba, and multiple shipyard delays.
Donald said the outlook was strong, with the company entering 2020 with a “record booked occupancy position”.
He said based on current trends, Carnival expects a 5% increase in net cruise revenues next year, with capacity growth of 6.6%.
Donald said 2020 would also see a significant increase in Carnival’s usage of Marine Gasoil to 40-45%, compared to 21% this year, while the company’s usage of Heavy Fuel Oil was expected to comprise 50-55% of its total fuel consumption.
The Carnival CEO also flagged unspecified actions to slow the pace of new ship deliveries to adapt to reduced European demand.
Donald noted the importance of “sustainable and transparent operations” for the company’s reputation and success, with recent initiatives including a fleetwide commitment to install food waste digesters, Carnival’s membership of the Getting to Zero Coalition, plus pilot programs for fuel cell technology and battery systems.
“We remain committed to being a leader in the development of environmentally friendly fuel solutions, as demonstrated by the introduction of the first cruise ships with the ability to be solely powered by LNG,” he said.
