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Royal Caribbean Group posts USD5.8 billion annual loss
Royal Caribbean Group posted another billion-dollar quarterly loss pushing it to an annual net loss of $5.8 billion.
It posted a Q4 deficit of $1.4 billion with net income of just $273.1 million.
"These results reflect the staggering impact that the pandemic brought to our company and the whole industry during 2020," said CFO Jason T. Liberty.
Its cash burn is between $250 million to $290 million per month due to the prolonged suspension of cruising.
"Unquestionably, this crisis is the most difficult in the company’s history. But we have been impressed and grateful for the resourcefulness and agility of our team in responding to these unprecedented challenges," said Richard D. Fain, Chairman and CEO.
The company has limited cruise operations at the moment including short cruise to nowhere sailings out of Singapore, which have proved successful with the local market.
"These cruises, even before the availability of vaccines, are helping us learn and demonstrate to others how we can operate successfully under the current Covid-19 environment," said Fain.
The company is also continuing prep work to satisfy the CDC’s Framework for Conditional Sailing Order.
The company said that as of the end of 2020, it brought in $1.8 billion in customer deposits of which half are from Future Cruise Credits.
It said it had liquidity of about $4.4 billion at the year-end.
Written by Ray Montgomery, US Editor
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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