Carnival reports loss but looks forward to strong summer

Carnival Corporation has reported a net loss of $1.9 billion for the first quarter of 2022.

However, the line revealed revenue per passenger cruise day for the first quarter of 2022 increased approximately 7.5 per cent compared to a strong 2019, as the recovery continued.

This increase was driven by “exceptionally strong” onboard and other revenue, a statement added.

Carnival Corporation chief executive, Arnold Donald, noted: “Despite the impact of Omicron, guests carried grew by nearly 20 per cent in the first quarter compared to the prior quarter, while simultaneously increasing revenue per passenger cruise day and driving an improvement in adjusted EBITDA.

“We expect monthly adjusted EBITDA to turn positive by the beginning of our summer season as we build occupancy and return more ships to service.”

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Some three quarters of Carnival’s ships are now sailing again, post Covid-19.

The company expects to have each brand’s full fleet back in guest cruise operations for its respective summer season where it historically generates the largest share of its operating income.

Donald added: “We believe we have positioned the company well to withstand volatility on our path to profitability and have been working hard to resume operations as a stronger and more sustainable operating company, to maximise cash generation and to deliver double digit returns on invested capital over time.”

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