Carnival Posts Record Earnings for 1988

Carnival Cruise Lines posted a record profit of $196.4 million in 1988 up 29 percent from 1987 when profits were $152.8 million. Revenues were up nine percent from $564.1 million in 1987 to $599.7 million in 1988.

Increased passenger levels and a price increase were said to have contributed to the profits, but the company also benefited from gains from the sales of shares as well as from the $9 million paid in break up fees by Anders Wilhelmsen & Co. when that company decided to buy Royal Admiral.

The company’s ships carried 579,034 passengers, achieving a fleetwide occupancy level of 111.7 percent for the fiscal year ending November 30. That is a five percent increase over the previous year which is mainly attributed to a full year of operation of the Celebration.

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