Carnival earnings fall despite revenue improvement

Cruise giant Carnival Corporation saw a rise in revenue in the year to 30 November, it reported on Monday, to $17.51bn from $16.39bn in the 2016 financial year.

The company said of that, passenger ticket revenue improved to $12.94bn from $12.09bn, while onboard and other revenue increased to $4.33bn from $4.07bn.

Its operating costs and expenses also increased, to $14.70bn from $13.32bn, with the largest cost increases coming from fuel and other ship operating costs.

Carnival said its net income for the year totalled $2.61bn, down from $2.78bn, with basic earnings per share falling to $3.61 from $3.73.

Its diluted earnings per share were at $3.59, compares to $3.72 in the prior year.

Despite the fall in earnings, Carnival’s board confirmed dividends declared per share had risen to $1.60 from $1.35 in the 2016 financial year.