Well, Cardio isn't necesserily the best and only way to lose fat. Few extra pounds of lean muscle will burn more calories and if you keep calorie intake at same level, you should eventually lose the excess fat. (In theory

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And the intensity in which you are doing your training affects as well.
Here is some research about it. Short summary: People doing shorter high intensity excercises dropped more fat than people with longer lower intensity excersises. Even though total energy consumption was over half less.