Last Friday, Carnival reported its Q4 and FY09 results, which were marginally ahead of consensus estimates. While Q4 diluted EPS of US$0.24 was down on the prior year’s Q4 of US$0.47, the group has remained profitable during a very challenging economic environment. Management is indicating top line growth in FY10 of some 10%, with flat mid-point EPS guidance for FY10 of US$2.20 reflecting higher overall fuel costs versus FY09. We are not currently expecting a resumption in dividend payments short-term, though this is to be discussed at next month’s board meeting.

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