P&O HAS pointed to increased traffic and onboard spend
for reducing losses on its ferries in the first half of of the year.
The business reported a loss of £10.9 million in the six
months to June 30, down from £18.1 million at the same time last year. Turnover
rose from £209 million to £218 million.
P&O said vehicle traffic was up 5%, with rates slightly
higher, but the market was still flat. However, the company sees benefits of
£15 million by the end of next year through consolidation of its ferries into
one P&O Ferries brand.
Overall, P&O unveiled pre-tax losses of £44.2 million,
compared with a £90.4 million profit. The decline was blamed on its freight
business and property transactions.
* P&O Cruises has launched its 2003 brochure, featuring
itineraries for new ships Adonia and Oceana, spring 2004 trips and short
cruises.