Royal Caribbean Posts Third Straight Billion-dollar Loss
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.
(Reporting by Praveen Paramasivam; Editing by Patrick Graham and Arun Koyyur)