March 16, 2020 / 2:36 PM / 20 days ago

Carnival expects to swing to annual loss as coronavirus wreaks havoc

March 16 (Reuters) - Carnival Corp said on Monday it expected to swing to a net loss this fiscal year and will take a six-month loan of about $3 billion, drawing down all of an existing credit line, as the cruise industry reels from the fallout of the coronavirus pandemic.

The company has temporarily suspended global voyages across all its brands including Princess Cruises, whose two ocean liners became hotbeds for the outbreak.

U.S. President Donald Trump said on Friday that four cruise operators, including Carnival, had agreed to suspend outbound cruises for 30 days, at his request.

Analysts on average had expected Carnival to report a profit of $3.55 per share for the year ending November 2020, according to IBES data from Refinitiv. The company reported earnings per share of $4.40 for its year ended November 2019.

Carnival’s shares fell 11% on Monday, taking this year’s losses to over 70%. (Reporting by Uday Sampath in Bengaluru; Editing by Sriraj Kalluvila)

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