Carnival sinks on profit drop

City A.M. Reporter
CRUISE operator Carnival yesterday warned it could report an adjusted loss for the current quarter, after posting a 30 per cent fall in third-quarter profit due to a series of mishaps on its ships that left passengers stranded at sea for days.

Net ticket yields fell 4.6 per cent in the third quarter while yields from onboard entertainment fell about one per cent, chief financial officer David Bernstein said.

Carnival reported net income of $934m for the quarter, down from $1.33bn a year ago. The firm’s London shares fell 5.6 per cent.