Carnival Corporation has reported net income of $666.1 million, or $2.23 per share, on total revenues of $2.5 billion for its fiscal year ended Nov. 30, 1997, compared to net income of $566.3 million, or $1.95 per share, on revenues of $2.2 billion for 1996.
The Carnival fleet of ships carried 1.9 million passengers in 1997 compared to 1.7 million in 1996 and reported a fleetwide occupancy factor of 108.3 percent last year compared to 107.6 percent the previous year.
Also included in the reported net income are earnings of $53.1 million from affiliated companies, that is, Airtours/Sun Cruises, Costa Crociere, and Seabourn Cruise Line, compared to $45.9 million reported for 1996.
For its fourth quarter, ended Nov. 30, 1997, Carnival reported net income of $155.4 million, or $0.52 per share, on revenues of $524.4 million, compared to net income of $114.8 million, or $0.39 per share, on revenues of $475 million for the fourth quarter ended Nov. 30, 1996.
Carnival reported that its fleet carried 442,000 passengers in its fourth quarter of this year for an occupancy factor of 104.2 percent, compared to 413,000 passengers and an occupancy factor of 101.1 percent in the same period last year.
Carnival attributed the fourth quarter results to "the strong operating results from each of the company's wholly owned cruise brands, Carnival Cruise Lines, Holland America Line and Windstar Cruises, and from the inclusion of Costa since June of this year.
Carnival Chairman and CEO Micky Arison said in a prepared statement that revenue growth for the fourth quarter was also driven by a 6.7 percent increase in capacity, resulting from the introduction of the Carnival Destiny in November 1996, and by a 4.7 percent increase in net revenue yield.
Looking to the future, Arison said that advance bookings and pricing for the first half of 1998 were quite strong.