Carnival sees quarterly profits almost double

Carnival sees quarterly profits almost double

Carnival Corporation saw net profits almost double in the three months to May to a record $370 million.

The figure compared to $193 million achieved in the same quarter last year.

The world’s largest cruise company saw second quarter revenues rise to $3.7 billion compared to $3.6 billion.

The parent company of brands such as P&O Cruises, Princess Cruises and Cunard reported cumulative advance bookings for the remainder of the year as being “well ahead of the prior year at slightly higher prices”.

Bookings for the remainder of the year since March are at higher prices. Volumes are running lower than last year because there is less inventory remaining for sale than at this time in 2015, the organisation said.

Chief executive, Arnold Donald, said: "Our strong second quarter demonstrates continued momentum as we again achieved a near doubling of adjusted earnings per share.

"This is shaping up to be another strong year for our company as we expect over 20% earnings growth and are approaching a 9% return on invested capital.

“We have accelerated progress toward our stated goal of achieving the double digit return threshold and have accelerated distributions to shareholders.

“We recently raised our dividend by 17% to over $1 billion per year. Since October, we have repurchased nearly $1.9 billion in shares under our stock repurchase program.

“Yesterday, our board of directors approved our third $1 billion share repurchase authorisation, demonstrating confidence in our outlook and reinforcing our commitment to return value to shareholders."

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