Carnival posts €4bn quarterly loss and braces for more pain

Carnival Corp reported a quarterly net loss of $4.4 billion (€3.9 billion) on Thursday, as the cruise operator took major write-downs on the sale of some ships and was virtually crippled by the global Covid-19 pandemic.

Shares of the Florida-based company, which also warned of a net loss for the rest of the year, fell more than 4 per cent in premarket trading.

Cruise line operators were among the hardest hit in the global health crisis, and the industry had some of the largest early, high-profile infections.

The company said it expects to burn cash at the rate of about $650 million per month for the second half of 2020 and was speeding the sale of more ships.