In its first quarter business report Carnival Corporation has reported a net loss of US$2 billion, with CEO Arnold Donald in a relatively positive report saying the company had a better than expected cash burn rate and that at the end of the first quarter it had US$11.5 billion in cash.
The report also said that the Corporation had identified and implemented opportunities to optimise monthly spend and in the meantime, reflecting the pent up demand for cruising, booking volumes for future cruises are approximately 90% higher than the previous quarter and despite minimal advertising or marketing cumulative advanced bookings for 2022 were ahead of its previous pre-COVID-19 2019 year, which was very strong.
Arnold’s report also said that with six of Carnival’s nine brands, Costa Cruises, Cunard Line, Princess Cruises, Seabourn Cruise Line and P&O Cruises UK are expected to resume limited operations later this year, in addition to AIDA Cruises which resumed operations last month in the Canary Islands, all providing a further boost to the Corporation.
Arnold said, “We are focused on resuming operations as quickly as practical, while at the same time demonstrating prudent stewardship of capital and doing so in a way that serves the best interests of public health”, adding, “Our highest responsibility and therefore our top priority is always compliance, environmental protection and the health, safety and well-being of everyone…our portfolio of brands have clearly been an asset as we resume operations this summer with nine ships across six of our brands.”
A report by John Alwyn-Jones, Cruise Editor.
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