Britain's Peninsular and Oriental Steam Navigation Co (P&O) shrugged off higher fuel costs and fears of a downturn in the United States to beat forecasts with a 12 percent rise in profits. P&O, which last year shed its cruise liner division to concentrate on its core ports, container shipping and ferry businesses, announced pre-tax profits before exceptionals of 269 million pounds ($390 million). "These results are considerably better than what the market would have hoped for, despite last year's increase in oil prices," chairman Lord Sterling said. "We are cautious regarding the U.S. Sterling said the company was particularly pleased with the performance of P&O Nedlloyd…