Carnival shares rise as profits plunge

<p>Carnival shares were higher in trading today as the cruise company announced a massive profit loss.</p>

Shares in Carnival have made ground on the London Stock Exchange (LSE) today (December 21st), after the cruise company reported another fall in profits as it continues to feel the effects of the Costa Concordia disaster.

The liner hit rocks and capsized off the coast of Italy on January 13th, with 32 people losing their lives in the incident.

Carnival made a net profit of $93 million (£57 million) in the three months to the end of November, which is down from $217 million in 2011.

Revenues at the company plunged to $2.7 billion from $2.8 billion.

Chief executive Micky Arison commented: "As a result of the Costa Concordia tragedy in January, the past year has been the most challenging in our company's history."

At 12:05 GMT, Carnival shares on the LSE advanced by 2.8 per cent to 2458.00p per unit. They plunged to lows of less than 1900.00p per unit after the crash at the beginning of the year.

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