Carnival Corp Swings to Profit as Costs Fall

Features Reuters

Carnival Corp, the world's largest cruise operator by revenue, swung to a quarterly profit, helped by lower costs.

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The company reported a net profit of $49 million, or 6 cents per share in the first quarter ended Feb. 28, compared to a net loss of $20 million, or 3 cents per share, a year earlier.

The company, which operates Carnival, Holland America and Costa cruise lines, also posted a net loss in the fourth quarter.

Carnival Corp's operating costs fell 7 percent in the latest quarter, while revenue fell 1.7 percent to $3.53 billion. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Savio D'Souza)