P&O has reported operating profit of 42.5 million pounds for its cruise division for the six month period ended June 30, 1994 compared to 34 million pounds for the same period last year. P&O's cruise division includes the nine-ship Princess Cruises fleet and the two-ship P&O fleet.

According to a prepared statement, "Princess Cruises continues to perform well with improved results in both yields and occupancy over last year."

P&O reported net income of 126.4 million pounds on revenues of 2.7 billion pounds for the company overall compared to 291.6 million pounds on revenues of 2.6 billion pounds last year. Last year's net was boosted by the sale of businesses and fixed assets. Operating income this year was 181.2 million pounds compared to 143.6 million pounds last year.