Carnival Corporation has reported net income of $77.1 million or $0.27 per share on revenues of $448.8 million for its ftrst quarter ended Feb. 29, 1996, compared to net income of $67.6 million or $0.24 per share on revenues of $419.8 million for the same quarter in 1995.
For the three-month period, the company achieved an occupancy level of 107.1 percent carrying 408,000 passengers, compared to 343,000 passengers for an average occupancy level of 99.9 percent for the ftrst quarter of 1995.
Increased occupancies for both Carnival Cruise Lines and Holland America Line had the effect of offsetting the impact of softer pricing and resulted in the stabilization of net revenue yields for the quarter, according to a prepared statement from Carnival.
Carnival Corporation Chairman Micky Arison said he was especially pleased that the strategies undertaken for HAL have significantly improved its revenue yields during its Caribbean season, traditionally its most challenging season.
During the frrst quarter of 1996, Carnival also beefed up shoreside selling and administrative expenses in anticipation of the delivery of three new ships.
Carnival Cruise Lines' Inspiration launched service this month, while HAL's Veendam is scheduled to enter service in June, and the Carnival Destiny is expected to be introduced later this year. Arison also said he was encouraged by booking activity since the beginning of the year.
"Should these booking trends continue, we expect that revenue yields will strengthen over the remainder of the year," he said, adding that he was more optimistic about pricing than he had been a few months ago.
In other developments, Carnival Corp. recently reached an agreement to acquire 29.6 percent of Airtours for approximately $310 million payable in cash and Carnival Corp. A common stock.
Carnival has also named its future Fantasy-class hips to be introduced in 1998: the Elation and Paradise, and a sister ship to the Carnival Destiny, the Carnival Triumph.