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Carnival Chairman reduces stake by around a quarter

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Carnival Chairman reduces stake by around a quarter

Wed, 26 March 2014
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Carnival Chairman reduces stake by around a quarter
AstraZeneca Quote more

Price: 4,316.50

Chg: 81.00

Chg %: 1.91%

Date: 17:05

Micky Arison, the long-standing Chairman of cruise line operator Carnival Corp., docked a batch of shares earlier this week ahead of its better-than-expected first quarter trading update.

Arison offloaded 525,348 at $40.09 each, reducing his stake to 104.52m shares.

The group on Tuesday reported flat earnings per share (EPS) during the first quarter of its fiscal year.

Net revenue yields during the period fell by 2.1% in comparison with 2013, but were ahead of the company´s guidance for a drop of 3-4%.

Similarly, net cruise costs, excluding fuel per available lower berth day, increased by 3.3% due to higher spending on advertising, which was better than December´s guidance that costs might increase 4.5% to 5.5%.

Advance bookings for the remainder of 2014 are running ahead of last year´s levels, but at lower prices, the company said in the statement.

Panmure on Wednesday reiterated its 'sell' rating on the stock, saying that the company "continues to struggle due to older ships, limited online penetration and controlled distribution".

"With a protracted recovery likely in net revenue yields, better value exits elsewhere in the Travel & Leisure space," it added.


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