Royal Caribbean reports $1.64bn quarterly loss

Port of Galveston receive cruise ships after Harvey  


Royal Caribbean Group (RCL.N) 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 $250 million to $290 million per month while its operations are suspended.

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

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