The Carnival Corporation, the largest cruise line conglomerate in the world, has hailed Europe’s cruise brands as their saviour in a year where they have taken a financial battering due to the economic downturn.

Carnival, which owns Cunard, Costa and P&O Cruises announced that its yearly profits to November fell from $2.3 billion to $1.8 billion. This still meant it retained its position as the world’s most financially profitable leisure travel company.

Fourth quarter profits for Carnival fell to $193 million, down from $371 million although total revenue remained consistent at $3.2 billion. Reactions to the recession at the beginning of the year, described as cost containment by the group, saw savings of around $170 million.

The North American revenue yield was down by a huge 13 percent while a milder 6 percent decline was recorded across European brands. Micky Arison, Chairman and CEO for Carnival, highlighted the strength of the European arm in times of crisis with forecasts indicating that the late 2009 resurgence will continue into 2010. The group has scheduled six new ship builds for next year, four of them for Europe as Carnival continues to expand its operations in the area. It was only in the last few months that Carnival ordered its first new ships in over two years, suggesting that the future looks bright for the cruise industry.