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Carnival expects to resume cruise operations by the summer
StockMarketWire.com
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Cruise operator Carnival Corporation said its cash burn rate in the first quarter of 2021 was better than expected as it reported its first-quarter business update.
There was good news for booking volumes, which increased 90% during the first quarter of 2021 compared to volumes during the fourth quarter of 2020, reflecting significant 'pent up demand' and 'long-term potential for cruising', the company said.
Total customer deposits as of 28 February 2021 and 30 November 2020 were $2.2 billion, the majority of which were future cruise credits. During the quarter, customer deposits on new bookings essentially offset the impact of refunds provided, Carnival said.
As of 28 February, customer deposits totalled $1.8 billion, of which $0.7 billion related to bookings for the remainder of 2021.
Carnival president and CEO Arnold Donald said: 'We are focused on resuming operations as quickly as practical, while at the same time demonstrating prudent stewardship of capital and doing so in a way that serves the best interests of public health.
'Our highest responsibility and therefore our top priority is always compliance, environmental protection and the health, safety and well-being of everyone.'
At 2:51pm: (LON:CCL) Carnival PLC share price was 0p at 1081p
Story provided by StockMarketWire.com
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