Carnival sees fewer bookings, posts $41M profit

Carnival profits from lower fuel prices and cost cutting; vacationers hesitant to book cruises

Associated Press

Passengers remain hesitant to book cruises, despite deep discounts. But that didn't stop Carnival Corp. from eking out a $41 million second-quarter profit thanks to lower fuel costs and the timing of some administrative expenses.

The profit was nearly triple the $14 million the world's largest cruise company earned during same period last year, a quarter which it suffered from steep losses on fuel prices bets known as derivatives.

Earnings totaled of 5 cents per share this quarter, up from 2 cents a share last year at this time. Revenue fell 1.7 percent to $3.48 billion.

The Miami-based company also announced Tuesday that Micky Arison, who has been CEO since 1979, is being replaced by and Arnold W. Donald. Arison will continue to serve as chairman of the board.

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