Carnival Corporation Reports Second Quarter Loss of $ 2.1 Billion | New

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Carnival Corporation reported a net loss of $ 2.1 billion in the second quarter of 2021.

The group, however, ended the period with $ 9.3 billion in cash and short-term investments, which the company said is enough to resume its cruise business.

The rate of cash consumption in the first half of 2021 was better than expected, mainly due to the timing of vessel sales and changes in working capital, Carnival said.

The group still lost around $ 500 million per month.

The numbers come as Carnival charts the course to relaunch cruise operations over the coming months.

Carnival Corporation Managing Director Arnold Donald said, “We are actively working on the path to bringing our full fleet back to service by next spring.

“So far, we have announced that 42 vessels, representing more than half of our capacity, are due to return to service to customers by the end of the fiscal year.

“We are currently evaluating various deployment options with a focus on maximizing cash flow, while delivering an exceptional customer experience and best serving public health interests. “

More return to service announcements will arrive in the coming weeks, Donald added.

In a statement to Markers, Carnival said booking volumes for all future cruises in the second quarter of 2021 were 45% higher than booking volumes in the first quarter of the year.

Cumulative advance bookings for the whole of 2022 are ahead of a very solid 2019 despite minimal advertising or marketing, added the group.

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