If Royal Caribbean chairman Richard Fain (left) was looking a little distracted at last week’s christening of his latest cruise ship, Celebrity Silhouette, all became clear yesterday when the company released its latest financial figures.
It owned up to an accounting error which reduced its full-year profit expectations, and despite disclosing increased revenue, saw its share price fall by six per cent. “There is not a soul here, including myself, who doesn’t regret the error,” Fain told analysts.
Royal Caribbean, whose brands include Celebrity, Azamara Club Cruises, German line TUI and the Spanish Pullmantur, had earnings of $93.5 million (£57 million) on revenues of $1.77 billion (£1.08 billion) for the three months to June 30. That was equivalent to 43 cents per share, but the figure would have been 47 cents without the accounting revision.
Uncertainty caused by the Arab Spring in Egypt and the Middle East was affecting cruise fares in the area – particularly unfortunate for the newly-launched Silhouette, scheduled to sail a number of voyages to the Holy Land which also call at Alexandria in Egypt.
Good news for British holidaymakers though; the reluctance of Americans to travel to the region means there are deals as low as £850 for 12 nights – including flights. They must be some of the best holiday bargains to be had anywhere.
Leave A Comment