StockMarketWire.com - Cruise company Carnival swung to a first-quarter loss after the spreading coronavirus drained sales, having infected passengers on a number of leisure vessels.

Net losses for the three months through 29 February amounted to $781m, compared to a profit of $336m on-year.

Adjusted net income more than halved to $150m, down from $338m on-year.

The disease outbreak had continued to weigh on bookings and forced Carnival to idle its global fleet and delay shipbuilding activity.

'Given the uncertainty of the situation, the corporation is currently unable to provide an earnings forecast, however it expects a net loss on both a U.S. GAAP and adjusted basis for the fiscal year ending November 30, 2020,' the company said.

The ongoing effects of Covid-19 virus on operations and bookings would also have a material negative impact on its iquidity, it added.

For the seven-week period between 26 January and 15 March 15 booking volumes for the remainder of the year were meaningfully behind, and at considerably lower prices, Carnival said.

At 8:56am: [LON:CCL] Carnival PLC share price was +54.5p at 791.7p



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