Marine World

Royal Caribbean Reports A Huge Billion Dollar Loss

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.

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Royal Caribbean, said it expects to burn about $250 million to $290 million in cash every month during the 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.

RELATED ARTICLE: Cruise Line Stocks Crash Further As Europe Clamps Down

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Patrick Graham and Arun Koyyur)

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