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Royal Caribbean reports US$1.64 billion quarterly loss on pandemic hit

Royal Caribbean reports US$1.64 billion quarterly loss on pandemic hit

FILE PHOTO: A Royal Caribbean International cruise ship is seen at Circular Quay in Sydney Harbour, in Sydney, Australia, March 18, 2020. REUTERS/Loren Elliott

REUTERS: Royal Caribbean Group reported a quarterly net loss on Monday, as the cruise operator suffered from a coronavirus-driven halt to sailings that is now on course to last deep into the second half of 2020.

The company said it expects its cash burn rate, on average, to be about US$250 million to US$290 million per month while its operations are suspended.

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

The company wrote down the value of certain assets by US$156.5 million in the quarter.

(Reporting by Uday Sampath in Bengaluru; Editing by Shounak Dasgupta)

Source: Reuters

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