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Royal Caribbean reported quarterly losses of $ 1.64 billion due to a pandemic strike



August 10 (Reuters) – Royal Caribbean Group reported quarterly net losses on Monday, as cruise ship operators affected by a virus caused by coronavirus had to halt trips that are currently stretching deep into second half of 2020.

The company says it expects its cash burn rate to average around $ 250 million to $ 290 million a month while its operations are suspended.

Royal Caribbean posted a distributable net loss of $ 1.64 billion, or $ 7.83 per share, for the second quarter ended June 30, compared with a profit of $ 472.8 million. , or $ 2.25 per share, a year earlier.

The company recorded a decrease in the value of some assets of $ 156.5 million in the quarter. (Reporting by Uday Sampath in Bengaluru; Edited by Shounak Dasgupta)


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