P&O profits beat fuel load

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The Independent Online

The shipping giant P&O announced pre-tax profits for the six months to June 30 were £192.1 million, against £171.7 million. The jump comes despite higher fuel prices costing it an extra £50 million and the loss of duty-free shopping within the European Union.

The shipping giant P&O announced pre-tax profits for the six months to June 30 were £192.1 million, against £171.7 million. The jump comes despite higher fuel prices costing it an extra £50 million and the loss of duty-free shopping within the European Union.

Chairman Lord Sterling of Plaistow said the demerger of its cruises division is progressing on track and is expected to take place on October 23.

P&O also today announced it was taking full control of German cruises group Aida Cruises - buying the remaining 49-per-cent stake it did not already own for £35.4 million.

The impact of the loss of duty free and higher fuel costs meant P&O Ferries turned in an operating loss of £7.4 million in the period, against a profit of £19.2 million the time before. This was offset by better results from P&Oÿs ports division, where operating profits were up to £40.3 million, against £26.9 million and cargo shipping, which turned a loss of £25.5 million into a ££13.2 million operating profit.

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