News

THE Carnival Corporation, currently involved in a takeover bid for P&O Princess Cruises, has seen its net income drop sharply for the year ending November 30, 2001.

The company’s results show net income for the year fell to $926.2 million, down from $965.5 million in 2000. Net income for the fourth quarter was hit particularly hard and fell by $33 million.

The fall is being blamed on the September 11 terrorist attacks, although the company remains upbeat.

Carnival corporation chairman and chief executive officer Micky Arison said: “In light of the significant impact of the September 11 events on the vacation market, the achievement of quarterly net income of more than $116 million with occupancies of 98% is a testament to the strength of our vacation products.”