The coronavirus epidemic is having a material effect on the business of Carnival Corporation & plc, the world’s largest cruise shipping company, and it forecasts a net loss for the financial year to 30 November as a result, it said in a statement.
Carnival has implemented a temporary pause of its global fleet cruise operations across all brands, which each brand has separately announced the duration of its pause.
“Significant events affecting travel, including COVID-19, typically have an impact on booking patterns, with the full extent of the impact generally determined by the length of time the event influences travel decisions,” the company said.
“The Corporation believes the ongoing effects of COVID-19 on its operations and global bookings will have a material negative impact on its financial results and liquidity.”
“The Corporation is taking additional actions to improve its liquidity, including capital expenditure and expense reductions, and pursuing additional financing. Given the uncertainly of the situation, the Corporation is currently unable to provide an earnings forecast, however we expect results of operations for the fiscal year ending November 30, 2020 to result in a net loss,” Carnival said.
In the financial year to 30 November 2019, the group achieved a net income of $2.99 billion on revenues of $20.83 billion. It had 104 ships in service at the close of this financial.
