March 19, 2020 / 11:28 PM / 16 days ago

Carnival reports first-quarter loss due to coronavirus hit

(Reuters) - Carnival Corp (CCL.N), the world’s largest cruise operator, on Thursday reported first-quarter loss compared with an year-ago profit, hurt by canceled and disrupted trips due to the coronavirus outbreak across the globe.

Cruise operators are among the worst hit companies from the pandemic as they were forced to cancel trips and issue refunds to customers.

Carnival has temporarily suspended global voyages of all its brands including Princess Cruises, two of which had to dock off their destination ports after some passengers were tested positive for the virus.

The cruise operator said it has fully drawn its $3 billion revolving credit agreement, as it braces for a financial hit from the pandemic.

Rival Royal Caribbean Cruises Ltd (RCL.N) has also increased its credit capacity by $550 million to boost liquidity.

Carnival said it was unable to provide a profit forecast due to the uncertainty, but said it expects a loss for the fiscal year ending Nov. 30.

The impact of the outbreak on the quarterly net loss was about 23 cents per share, Carnival said in a filing www.sec.gov/ix?doc=/Archives/edgar/data/815097/000081509720000007/ccl-20200319.htm, which also included goodwill and ship impairment charges of $932 million.

Net loss for the quarter ended Feb. 29 came in at $781 million, or $1.14 per share, compared with a profit of $336 million, or 48 cents per share.

Total revenue rose 2.1% to $4.8 billion.

Reporting by Nivedita Balu in Bengaluru; Editing by Arun Koyyur

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below