Cruise: uncertain market. File Image / Pixabay.
Cruise giant Carnival posted a $2.2 billion loss in its fourth quarter results ending November 30.
In the same period last year, the company was in profit while in the third quarter in the current financial year it posted a $3bn loss.
With guest operations currently suspended, the company said it expects to book a loss for the first quarter of the next financial year.
However, Carnival said that it had taken "aggressive actions" to mitigate the situation.
"We are well positioned to capitalise on pent up demand and to emerge a learner, more efficient company, reinforcing our industry leading position," company president and chief executive Aronold Donald said.
Actions taken by the company include reducing fleet capacity by 13% (equal to 19 ships) and maintaining adequate cashflow through capital markets activity.
The global cruise sector has been badly hit by the pandemic with a very limited cruise offering in place until the public health situation improves.