September 28, 2021
Royal Caribbean Group studies large annual loss

Royal Caribbean Group studies large annual loss

Royal Caribbean Group has reported a internet lack of $5.8 billion for monetary 2020.

This compares to the web revenue of $1.9 billion reported final yr by the cruise large.

The corporate applied a voluntary suspension of cruises on March thirteenth final yr and has but to set sail once more.

Royal Caribbean presently hopes to return to operation on the finish of April, however the deadline has been repeatedly pushed again.

Richard Fain, chief govt of Royal Caribbean Group, mentioned: “The Covid-19 pandemic is having a painful and profound affect on our world and our enterprise; unquestionably, this disaster is probably the most troublesome within the firm’s historical past.

 

 

“However we’ve been impressed and grateful for the resourcefulness and agility of our staff in responding to those unprecedented challenges.

“Extra importantly, we stay assured in regards to the capacity of our firm to get better and return to the optimistic trajectory we have been on beforehand.”

He added: “We’re inspired to see the sharp decline in circumstances and the rising availability of vaccines.

“We will’t wait to get again to the enterprise of displaying folks the world and making nice recollections.”

Losses within the fourth quarter have been $1.4 billion, in opposition to a internet revenue final yr of $273 million.

In January, the group introduced it had entered into an settlement to promote its three-ship Azamara model for greater than $200 million.

The corporate nonetheless operates Royal Caribbean Worldwide, Superstar Cruises and Silversea Cruises.

Throughout 2020, the group raised roughly $9.3 billion of recent capital by a mixture of bond issuances, widespread inventory public choices and loans.

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