Royal Caribbean Cruises Limited has reported a net loss of $1.4 billion, or $6.91 per share, for the first quarter of the financial year.

The figure compares to a profit of $250 million, or $1.19 per share, in the same quarter last year

The second largest cruise company in the world saw revenue fall 17 per cent to $2.03 billion over the period.

Royal Caribbean sustained a non-cash asset impairment loss of $1.1 billion, which it said was entirely due to Covid-19.

It has withdrawn its guidance for 2020 as well as the second quarter, but said it expects to incur a loss on both timescales, “the extent of which will depend on the timing and extent of our return to service”.

The cruise line also said will expects a cash burn of $250 to $275 million per month during its prolonged suspension, more than 60 per cent of which is operating costs.

Regarding forward bookings, the company said levels for the remainder of 2020 are “meaningfully lower” than the same period last year despite low single digit prices.

Its position for 2021 is “within historical ranges”.

Royal Caribbean added that it would extend the suspension of most sailings across its cruise brands through to July 31st.

This is with the exception of sailings from China, which will be suspended through the end of June.

Royal Caribbean Cruises Limited also owns the Celebrity Cruises and Azamara brands.