Carnival Corporation & plc, the world’s largest cruise shipping group, has reported a deeper net loss for the final quarter, but the figure for the financial year to 30 November narrowed slightly.
Fourth quarter revenues rose to $1.28 billion from $34 million a year earlier, while operating loss deepened to $1.89 billion from $1.64 billion. Net loss amounted to $2.62 billion compared to $2.22 billion a year earlier.
For the full financial year 2020-21, the company reported revenues of $1.91 billion, which was much less than the $5.53 billion in the previous financial year. Operating loss narrowed to $7.09 billion from $8.86 billion and net loss to $9.50 billion from $10.26 billion.
President and CEO Arnold Donald noted: "We achieved 4% higher revenue per passenger day in our fourth quarter compared to a strong fourth quarter of 2019, while at the same time ramping up occupancy and capacity. In fact, Carnival Cruise Line experienced another quarter of double-digit revenue growth per passenger day compared to 2019, operating at nearly 60% of its capacity while also improving occupancy, and is now approaching 90% occupancy levels in the month of December, which is a testament to the fundamental strength in demand for our cruise product."
Carnival group’s monthly average cash burn rate for the fourth quarter of 2021 was $510 million, which was better than expected. It includes revenues earned on voyages, ongoing ship operating and administrative expenses, restart spend, working capital changes (excluding changes in customer deposits), interest expense and capital expenditures (net of export credit facilities), and excludes scheduled debt maturities as well as other cash collateral to be provided.
“As the company continues its gradual return to service, it expects to continue incurring incremental restart related spend, including the cost of returning ships to guest cruise operations and returning crew members to its ships as well as the incremental costs of maintaining enhanced health and safety protocols,” it said in a s
