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Concordia hits profits at Carnival

Concordia hits profits at Carnival

Carnival Corporation has seen profits fall by 23 per cent over the past financial year, with the Costa Concordia tragedy affecting results.

Net profit in the 12 months to November 30th stood at $1.47 billion, down from $1.9 billion at the same time last year.

During the fourth quarter, profits were down from $217 million in 2011 to $98 million in 2012, a drop of 55 per cent.

This, however, was “better than anticipated”, according to Carnival Corporation chairman Micky Arison.

Arison added: “As a result of the Costa Concordia tragedy in January, the past year has been the most challenging in our company’s history.

“However, through the significant efforts of our brand management teams, we were able to maintain full year 2012 net revenue yields - excluding Costa - in line with the prior year.”

Arison added that unfavourable changes in fuel prices and currency exchange rates reduced earnings by $300 million compared to the prior year.