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Carnival Corp. has said it continues to burn cash and expects another significant loss after another year since outbreaks of coronavirus on board halted its US presence.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| CCL | CARNIVAL CORP. | 20.14 | -0.33 | -1.61% |
The company posted a preliminary loss of $ 2.22 billion for the fourth quarter ended November 30 on Monday, compared to a profit of $ 423 million in a comparable quarter a year earlier. Adjusted losses were $ 1.9 billion. The company did not disclose preliminary revenue figures in its press release, but a spokesman said the revenue was $ 10 million.
CARNIVAL, NORWEGIAN, ROYAL CARIBBEAN SUSPENSION OF MOST SECURITIES BY END OF FEBRUARY
Carnival’s flagship line suspended all U.S. cruises until the end of March, while Princess Cruises and Holland America Line also scrapped some cruises this year. The timing of U.S. voyages ultimately depends on receiving a permit from the U.S. Centers for Disease Control and Prevention, which requires operators to conduct ridiculous voyages and apply for a certificate for at least 60 days before offering passenger shipping.
Carnival Corp. has said it continues to burn cash and expects another significant loss after another year since outbreaks of coronavirus on board halted its US presence.
The company said it expects to sell 19 less efficient vessels, accounting for about 13% of capacity before breaks. Carnival had previously expected to sell the ships in the coming years and that 15 of the ships had already left the fleet.
“With the aggressive actions we have taken, the management of the balance sheet and the reduction of capacity, we are well positioned to capitalize on the pent-up demand and make a slimmer, more efficient business,” said CEO Arnold Donald, said during a conference.
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Despite uncertainty over the timing, Carnival intends to resume on all ships by the end of the year, Mr. Donald said. “I hope what has happened here so far in early 2021 is just a hangover of 2020,” he said. The company is awaiting additional guidance from the CDC for the specific timing for mockery. The CDC expects to place technical instructions for the cruise operators’ agreements with the port and local authorities in the coming weeks, a CDC spokesman told The Wall Street Journal.
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