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Royal Caribbean Group expects to post profit in 2022
Royal Caribbean Group is confident it will turn a profit next year.
It is feeling bullish despite posting a bigger-than-expected third-quarter loss of $1.4 billion.
The group expects to reach a cash flow positive position by the spring, and then fully profitable by the end of 2022.
"As cases have come down, demand has come surging back," said Jason T. Liberty, Chief Financial Officer.
"Consumers are showing their resilience and desire to vacation, and the growing affinity of Royal Caribbean’s leading brands, ships and crew."
About two-thirds of Royal Caribbean Group brand ships have resumed sailing, and expects to have about 80% of its worldwide capacity operating by the end of the year.
It says booking volumes have improved since summer, with 2022 bookings ‘within historical ranges.’
It booked $2.8 billion in customer deposits, up $400 million from the last quarter, but still about 10% don on pre-pandemic norms.
It revealed the first world cruise, which lasts 274 days, was about 70% sold within a week of going on sale.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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