Carnival Corporation reports $2.1bn loss for second quarter
Carnival Corporation has reported a net loss of $2.1 billion the second quarter of 2021.
The group ended the period with $9.3 billion of cash and short-term investments, however, which the company believes is sufficient liquidity to return to full cruise operations.
Cash burn rate in the first half of 2021 was better than forecasted primarily due to the timing of proceeds from ship sales and working capital changes, Carnival said.
The group still lost around $500 million a month though.
The figures come as Carnival charts a course to relaunch cruise operations over the coming months.
Carnival Corporation chief executive, Arnold Donald, noted: “We are working aggressively on our path to return our full fleet to operations by next spring.
“So far, we have announced that 42 ships, representing over half of our capacity, have been scheduled to return to serving guests by this fiscal year end.
“We are currently evaluating various deployment options with a focus on maximising cash flow, while delivering a great guest experience and serving the best interests of public health.”
More return to service announcements will be coming in the weeks ahead, Donald added.
In a statement to markers, Carnival said booking volumes for all future cruises during the second quarter of 2021 were 45 per cent higher than booking volumes during the first quarter of the year.
Cumulative advanced bookings for full year 2022 are ahead of a very strong 2019, despite minimal advertising or marketing, the group added.