P&O Princess reports fall in profits

P&O Princess Cruises has reported a fall in operating profits to $373.6 million in 2000, compared with $388.3 million the previous year.

The company blamed the drop on fierce competition and overcapacity in the North American market, adverse exchange rate movements, high fuel prices and fewer customers than expected booking Millennium cruises.

Meanwhile, P&O Princess has announced plans to transfer its 77,000-ton vessel Ocean Princess to its UK arm, P&O Cruises, and rename it Oceana.