Tags: Coronavirus | royal caribbean | cruise | pandemic

Royal Caribbean Posts $1.35B Quarterly Loss

a cruise ship sails in the ocean near miami
The Symphony of the Seas, a Royal Caribbean cruise ship, sails near Miami. (Cliff Hawkins/Getty Images)

Thursday, 29 October 2020 10:31 AM

Royal Caribbean Group reported a billion-dollar net loss for a third straight quarter on Thursday, as the cruise operator suffered from a COVID-19-driven halt to voyages.

The cruise industry has virtually come to a standstill as the pandemic halted voyages that had become a hotbed of infection. Some operators in Japan, Australia, and California have even become the subjects of lawsuits for onboard outbreaks.

Royal Caribbean, said it expects to burn about $250 million to $290 million in cash every month during suspension of operations and warned of a net loss in the final quarter as well.

The expenses will rise when it starts returning its fleet into service to ensure compliance with COVID-19 protocols, the company said.

The Miami, Florida-based company posted a net attributable loss of $1.35 billion, or $6.29 per share, in the quarter ended Sept. 30, compared to a profit of $883.2 million, or $4.20 per share, a year earlier.

Quarterly revenue was in the negative at $33.7 million, compared with $3.19 billion a year earlier.

© 2020 Thomson/Reuters. All rights reserved.


   
1Like our page
2Share
StreetTalk
Royal Caribbean Group reported a billion-dollar net loss for a third straight quarter on Thursday, as the cruise operator suffered from a COVID-19-driven halt to voyages.
royal caribbean, cruise, pandemic
170
2020-31-29
Thursday, 29 October 2020 10:31 AM
Newsmax Media, Inc.
 
Newsmax TV Live

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved