Miami-based cruise shipping conglomerate Carnival Corporation & plc has seen a surge of 58 percent in its net income for the fiscal year ended November 30, 2016.

Namely, the company’s net income for the full year 2016 stood at of USD 2.8 billion, up from USD 1.8 billion reported in for the prior year.

Revenues for the period increased by some 4 percent to USD 16.4 billion from USD 15.7 billion in the prior year.

“We achieved the most profitable year in our company’s history as well as record fourth quarter earnings. The continued execution of our core strategy to drive consumer demand in excess of measured capacity growth, contain costs and leverage our industry-leading scale resulted in our third consecutive year of significantly higher earnings and return on invested capital,” Carnival Corporation & plc President and Chief Executive Officer Arnold Donald, said.

Carnival Corporation’s net income for the fourth quarter of 2016 jumped to USD 609 million from USD 270 million seen in the quarter ended November 30, 2015, while its revenues for the quarter increased to USD 3.9 billion from USD 3.7 billion reported a year earlier.

Carnival Corporation said that its cumulative advance bookings for the first three quarters of 2017 are well ahead of the prior year at considerably higher prices. Since September, both booking volumes and prices for the first three quarters of 2017 have been running well ahead of the prior year, according to the company.

Based on current booking trends, the company expects full year 2017 net revenue yields in constant currency to be up approximately 2.5 percent compared to the prior year.

Taking the above factors into consideration, the company expects full year 2017 adjusted earnings per share to be in the range of USD 3.3 to USD 3.6, compared to 2016 adjusted earnings per share of USD 3.45.

“We are anticipating another solid year of operational improvement in 2017. Despite the unusual and significant impact of fuel and currency working against us simultaneously, the underlying strength in our fundamental business leaves us well positioned to achieve sustained double digit return on invested capital and to create continued value for our shareholders,” Donald said.