Cruise operator Carnival Corp reported its Q2 earnings with revenues of $2.4bn, increasing by ~50% vs Q1, but below projections for $2.76bn. Its adjusted net loss was at $1.9bn vs. a net loss of $2.1bn during the same period last year. Q2 Occupancy was at 69%, vs. 54% in Q1. Customer deposits rose by $1.4bn to $5.1bn as of end-May, up from $3.7bn at the end-February. It said on Friday that it now forecasts a core profit during the upcoming quarter. The company said that it expects bookings for the full year 2023 to be at the top-end of its historical range and that it should benefit from higher prices. This comes after the cruise company returned to full operations after pandemic rules eased. Reuters notes that 91% of Carnival’s capacity is in ‘guest cruise operation as part of its ongoing return to service’. Having reported an operating loss of $900mn in the recently concluded quarter, its EBITDA has been negative since the onset of the pandemic. Full the full year though, Carnival still expects a loss with factors like inflation and the rise in fuel prices taking a toll.
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