Carnival announced $4.4 billion quarterly loss
Carnival Corp posted that a quarterly net loss of $4.4 billion, as the cruise company took big write-downs on the sale of several ships and was practically devastated by the global COVID-19 pandemic.
In premarket trade, the Florida-based company's stock, which also warned of a net loss for the rest of the year, dropped over 4%.
Cruise line operators were among the worst hit in the global health crisis and had some of the biggest early high-profile infections in the industry.
The company announced that plans to burn cash for the second half of 2020 at a rate of about $650 million a month and has accelerated the selling of more containers.
Carnival reported a preliminary second quarter net loss of $2.4 billion, or $3.30 per share, excluding one-time charges such as losses on ship sales.
The company's revenue for the second quarter ended May 31 fell to $700 million from $4.8 billion a year earlier.
Maritime Business World