Americas News
Carnival Corp Posts Third Quarter Loss
US cruise giant Carnival Corporation has posted a third quarter loss.
The company reported a net loss of $2.8 billion for the three months ending August 31. The company posted a similar loss in the same period a year ago.
The standard measure for passenger capacity, ALBD, showed 3.8 million, or 17% of total fleet capacity, for the third quarter. ALBD should rise to 10.3 million in the fourth quarter representing 47% of total fleet capacity.
Carnival said that eight of its nine brands have restarted cruising (P&O Australia has yet to restart) and that voyages were "cash flow positive". The total number of ships operating across the eight brands stands at 71.
The company said that its liquidity position is sufficient to the get back to full operations but added that the global pandemic will continue to impact the business.
"COVID-19 has had, and is expected to continue to have, a significant impact on our financial condition and operations," the company said.
The cruise sector was hit hard by the global pandemic.
