CARNIVAL Corporation has provided a first quarter business update, reporting a net loss of US$2 billion, despite a better-than-expected cash burn rate.
The cruise operator ended the first quarter with US$11.5 billion of cash, and noted it had identified and implemented opportunities to optimise monthly spend.
Other positives include booking volumes for all future cruises approximately 90% higher than the previous quarter, and cumulative advanced bookings for next year ahead of its very strong 2019, despite minimal advertising or marketing.
A further boost will be provided later in the year, with six of Carnival’s nine brands expected to resume limited operations in the coming months, including Costa Cruises, Cunard Line, Princess Cruises, Seabourn Cruise Line and the United Kingdom’s P&O Cruises.
AIDA Cruises has already resumed operations, doing so last month in the Canary Islands.
“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,” said President & Chief Executive Officer Arnold Donald (pictured).
“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.”