Carnival Corporation (CCL) swung to a net loss for the quarter ended Nov. 30, 2014. The company has made a net loss of $102 million, or $ 0.13 a share in the quarter, against a net profit of $66 million, or $0.08 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $210 million, or $0.27 a share compared with $35 million or $0.04 a share, a year ago. Revenue during the quarter went up marginally by 1.61 percent to $3,718 million from $3,659 million in the previous year period. Total expenses were 92.82 percent of quarterly revenues, down from 97.16 percent for the same period last year. This has led to an improvement of 434 basis points in operating margin to 7.18 percent.
Operating income for the quarter was $267 million, compared with $104 million in the previous year period.
Carnival Corporation & plc president and chief executive officer Arnold Donald noted, “Full year earnings were significantly higher than the prior year primarily due to strong profit improvement at both our Carnival Cruise Lines and Costa Cruises brands. We enjoyed some early wins from our collaboration efforts that contributed to our improved results, particularly for onboard revenues. We worked hard to contain costs and achieved an almost five percent reduction in fuel consumption for the year as we continue to implement energy conservation measures. We also made a number of strategic decisions in fleet investments that will position us well for the future.”
Working capital remains negative Working capital of Carnival Corp was negative $5,418 million on Nov. 30, 2014 compared with negative $4,783 million on Nov. 30, 2013. Current ratio was at 0.22 as on Nov. 30, 2014, down from 0.29 on Nov. 30, 2013.
Days sales outstanding were almost stable at 4 days for the quarter, when compared with the last year period.
Debt comes down marginally
Carnival Corp has recorded a decline in total debt over the last one year. It stood at $9,088 million as on Nov. 30, 2014, down 4.94 percent or $472 million from $9,560 million on Nov. 30, 2013. Total debt was 22.99 percent of total assets as on Nov. 30, 2014, compared with 23.84 percent on Nov. 30, 2013. Debt to equity ratio was at 0.37 as on Nov. 30, 2014, down from 0.39 as on Nov. 30, 2013. Interest coverage ratio improved to 3.51 for the quarter from 1.27 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
