Carnival Corp reports USD2 billion quarterly loss

Monday, 08 Apr, 2021 0

Carnival Corp had another painful quarter but says booking volumes for future cruises are well up.

It reported a hefty net loss of $2 billion for the first quarter of 2021.

It was forced to halt all sailings in March last year but expects to have sic cruise brands operating again by this summer.

The company’s cash burn rate in the first quarter was lower than expected and it is positioning the group to be a leaner, more efficient business as it gears up to resume sailing in the UK, Europe and elsewhere.

Three brands, P&O Cruises, Cunard and Princess Cruises, will operate short cruises around the UK, and luxury line Seabourn will sail in Greece.

"We are focused on resuming operations as quickly as practical, while at the same time demonstrating prudent stewardship of capital," said Carnival Corp CEO, Arnold Donald.

"Our portfolio of brands has clearly been an asset as we resume operations this summer with nine ships across six of our brands."

Carnival said booking volumes during Q1 2021 were about 90% higher than bookings made during the fourth quarter of last year.

The company has sold or scrapped 19 older ships since the beginning of the pandemic.

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