Costa Concordia parent Carnival's profit tumbles

Carnival Corp & Plc , the world's largest cruise operator, posted a 93 percent drop in profits, hurt by rising fuel costs, sending its shares down 3 percent in morning trade.

For the quarter, ended May 31, the company earned just $14 million, or 2 cents a share, compared with $206 million, or 26 cents a share, a year earlier.

On an adjusted basis, earnings were 20 cents a share, topping analysts' average forecast of 8 cents, according to Thomson Reuters I/B/E/S.

Fuel prices increased 12 percent to $756 per metric ton, costing the company an additional $71 million. But the company said it expects lower costs and fuel prices in the future, and it raised its full-year profit view.

For the full year, it expects to earn $1.80 to $1.90 per share on an adjusted basis. In March it forecast earnings between $1.40 to $1.70.

Read Full Article from Reuters

- Posted: 2012-06-22 11:17:19

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