P&OCruises reports 8% rise in profit after capacity hike

P&OCruises reports 8% rise in profit after capacity hike

P&O CRUISES achieved an operating profit of £109.3 million in the first six months of this year, an increase of 8% over the same period last year, according to figures published in its latest report.

If it had not been for higher oil prices, P&O claims operating profit would have been up 20%.

The introduction of the ship Aurora into the UK market has helped P&O Cruises and its Princess Cruises subsidiary reach 19% more capacity overall than the same time last year.

P&O has bought the remaining 49% in German tour operator Aida Cruises for £36.19 million, after purchasing 51% last year.

Arkona Touristik, which previously held the shares, is exchanging its interest in Aida for £29.9 million worth of shares in the overall cruise business of P&O Princess Cruises, the company to be created next month when P&O’s cruise division splits from the main company. It will take the rest of the amount in cash.

P&O will pay a further amount depending on the future results of Aida Cruises and its Seetours businesses, from 2002 to 2005.

New ship: Aurora helped P&O to increase its capacity