p23 pink nov7 4/11/08 19:06 Page 23
ttglive.com
city & finance news
BA profits tipped
to plunge ‘79%’
Carnival axes dividends
CARNIVAL Corporation has suspended dividend The dividend suspension will save the operator
BRITISH Airways will emerge as one of the worst payments for the final quarter of 2008 and about $1.3bn annually, giving the company
financial performers in the aviation sector, throughout 2009, the company said in a trading the flexibility to fund its 2009 capacity growth
analysts warned ahead of the release of the statement. without the need to access credit markets.
airline’s half-year results. The cruise giant cited “the highly volatile state The cash will also help the company through
BA’s results, due out today, are expected to of the financial markets” for its decision. a slowdown in booking volumes; Carnival said
be notably worse than its main rivals’, with Although the company’s cashflow remains advance bookings were down on the previous year.
operating profits “down 79%”, according to strong, Micky Arison, Carnival Corporation Carnival increased its full year 2008 earnings
Andrew Lobbenberg, an analyst at Royal Bank of chairman and chief executive, said: “In light of the per share forecast from a range of $2.79 to $2.81
Scotland. unusually high cost of raising new capital, contin- to a range of $2.81 to $2.83, based on revised
For the first six months of the financial year uing concerns about financial institution liquidity currency exchange rates and fuel prices. The
to September, analysts forecast BA’s operating and current uncertainties in the global economy, company issued a broader earnings per share
profit will range from £77m to £125m. we believe that preserving cash is a prudent step.” guidance for 2009, ranging from $2.50 to $3.00.
The consensus is an operating profit of £89m.
This compares with an operating profit of
£556m for the first half of 2007.
Royal Caribbean posts shares record
ROYAL Caribbean Cruises reported a record net today’s fuel prices. However, the company noted
income of $411m, or $1.92 per share, for the third a significant deterioration recently in new
quarter of 2008. bookings due to the downturn of the US dollar.
This compared with a net profit of $395m, or As a result, fourth-quarter yields are expected
$1.84 per share, for the same period in 2007. For to decline by about 4% to 5%.
the full year, the company expects earnings per
share to be between $2.73 and $2.78, based on ■ Cruise news, p28
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Trav_Trade_Gazette_Rom_couple_W_230_143.ps 1 6.8.2008 9:25:13 Uhr
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