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Costa disaster hits Carnival's profits

Costa disaster hits Carnival's profits
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In the wake of the capsizing of the Costa Concordia the cruise line’s parent company, Carnival, has issued a profit warning.

The world’s largest cruise operator has significantly cut its forecast for profit and revenue for this financial year.

At least 25 people died when the Costa Concordia capsized off the coast of Italy in January.

Carnival, which more recently suffered another blow after a fire on its Costa Allegra ship, said its North American brands have been less affected than European lines like Costa.

It added that booking volumes are improving, excluding Costa, which accounts for only 14 of the company’s 99 ships.

Last week, Royal Caribbean said that as media coverage of the shipwreck last month in Italy has subsided, bookings are experiencing “a slow improvement.”