Carnival profits fall by 48%

Miami: Carnival, the biggest cruise-line operator, reported fourth-quarter profit fell 48% after it cut ticket prices, and forecast earnings for the current quarter below analysts’ estimates.

First-quarter profit is expected to drop to 8 cents to 12c a share, Miami-based Carnival said.

The company, which operates the Seabourn, Princess and Cunard lines in addition to its namesake fleet, has discounted tickets to boost demand and fill its ships, eroding the benefits of cost-cutting steps and lower fuel prices.