Carnival to Post Net Loss for Fiscal 2020

To the surprise of very few investors and industry observers at this point, Carnival (NYSE: CCL)(NYSE: CUK) reports that it will post a net loss for its current fiscal 2020.

In an update for investors published on Monday, the troubled cruise ship operator said that was due to the cessation of its operations because of the outbreak of the SARS-CoV-2 coronavirus and resulting COVID-19 disease. Like many businesses throughout the world, Carnival temporarily halted its operations in the face of the pandemic. This will result in the anticipated net loss; the company did not provide an estimate for this shortfall.

In the press release announcing it, Carnival sought to reassure investors by saying that it is "taking additional actions to improve its liquidity, including capital expenditure and expense reductions, and pursuing additional financing."

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Source Fool.com