Carnival remains in red for quarter four

Carnival Corporation has reported a net loss of $2.6 billion for the fourth quarter of financial 2021.

As of the end of November, the line said 61 per cent of its pre-Covid-19 capacity was operating with guests on board.

The cruise giant said it expects the full fleet to be back in operation in the spring.

Carnival Corporation chief executive, Arnold Donald, noted: “Since resuming guest cruise operations, we have established effective protocols for Covid-19 and its variants and have returned 65,000 team members and 50 ships, all while delivering an exceptional guest experience to over 1.2 million guests and counting.”

For the cruise segments, revenue per passenger cruise day for the fourth quarter increased approximately four per cent compared to a strong 2019.

ADVERTISEMENT

The increase was driven in part by exceptionally strong onboard and other revenue, a statement said.

Cumulative advanced bookings for the second half of 2022 and first half of 2023 are at the higher end of historical ranges and at higher prices, Carnival explained.

Donald added: “Our cash from operations turned positive in the month of November, and we expect consistently positive cash flow beginning in the second quarter of 2022 as additional ships resume guest cruise operations.

“We enter the year with $9.4 billion of liquidity, essentially the same liquidity level as last year but with significantly improved cash flow generation ahead, as ship operating cash flow and customer deposits continue to build.

“During 2021, we believe we have clearly maximised our return to service and strengthened our financial position to withstand potential volatility on our path to profitability.”

Leave a Comment