Carnival reports smaller-than-expected loss, says cruising still in demand
(Reuters) - Carnival Corp <CCL.N> reported a less-than-expected quarterly loss on Thursday, saying advance bookings would improve for the next year, indicating renewed demand for cruises.
The cruise operator, which sails AIDA, Costa and Princess cruises, among others, has suspended its voyages since March because of the COVID-19 pandemic and brought its business to a standstill.
However, the company said bookings for the second half of 2021 were at the high end of the historical range, although prices were mid-single digits lower than last year.
Total customer deposits as of August 31st were $ 2.4 billion. Most of that was Carnival credits for canceled trips, compared to $ 2.9 billion last year.
"We have come full circle, from initiating a suspension in the early days of the pandemic to turning the fleet into a pause state, properly sizing our organization, and gradually resuming host operations," said Arnold Donald, chief executive officer .
The cruises of the company Costa in Italy and AIDA in Germany will resume.
The company said it may be able to generate enough liquidity to meet commitments for at least the next 12 months.
Carnival's net loss for the third quarter was $ 2.86 billion, compared to a profit of $ 1.78 billion last year.
On a stock basis, the company lost $ 2.19, a cent less than analysts forecast, according to IBES data from Refinitiv.
Carnival said revenue was $ 31 million for the quarter ended August 31, compared to $ 6.53 billion a year earlier.
(This story was filtered to correct "expected" from "expect" in the heading.)
(Reporting by Nivedita Balu in Bengaluru; editing by Maju Samuel)
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