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24 Jun 2021 | 14:24

Carnival reports narrowing of Q2 losses

(Sharecast News) - Carnival posted a narrowing of its second-quarter losses on Thursday and a rise in bookings as it said it is looking to return its full fleet to operations by next spring. For the three months to the end of May, the cruise operator reported a net loss of $2.7bn compared to a loss of $4.4bn in the same period a year ago.

The company said its monthly average cash burn rate for the first half of 2021 was $500m, which was better than expected, mainly due to the timing of proceeds from ship sales and working capital changes.

Meanwhile, booking volumes for all future cruises in the second quarter were 45% higher than volumes in the first quarter. Cumulative advanced bookings for full year 2022 are ahead of a very strong 2019 as of May 31, Carnival said.

President and chief executive officer Arnold Donald: "We are working aggressively on our path to return our full fleet to operations by next spring. So far, we have announced that 42 ships, representing over half of our capacity, have been scheduled to return to serving guests by this fiscal year end. We are currently evaluating various deployment options with a focus on maximising cash flow, while delivering a great guest experience and serving the best interests of public health.

"More return to service announcements will be coming in the weeks ahead."
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