Cruises suspension pushes Norwegian to second quarter loss
Norwegian Cruise Line saw revenue fall to just $16.9 million in the three months to June 30th, as the sector came to a virtual standstill during the coronavirus pandemic.
The figures compare to revenue of $1.7 billion recorded for the same period of 2019, with the cruise giant having completely suspended voyages in the quarter.
As a result, GAAP net income losses totalled $715 million, compared to a profit of $240 million last year.
The company reported an adjusted net income loss of $666 million, which included $48.8 million of adjustments primarily consisting of expenses related to non-cash compensation and losses on extinguishment and modifications of debt.
“In recent weeks, we have taken further action to bolster our liquidity position in response to the Covid-19 global pandemic, including our highly successful $1.5 billion gross triple-tranche capital raise in July, which we believe positions us to withstand a scenario of prolonged voyage suspensions,” said Frank Del Rio, president and chief executive officer of Norwegian Cruise Line Holdings.
“Our guests continue to demonstrate their desire for cruise vacations in the future.
“Looking ahead, we made significant progress in our roadmap to relaunch with the formation of our healthy sail panel, comprised of globally recognised public health experts, which is tasked with providing recommendations to advance our public health response to Covid-19 and inform us on the development of a science-backed plan for a safe and healthy return to cruising.”
All Norwegian Cruise Line voyages are currently suspended until at least October 31st, but substantial sailing is unlikely to return until spring next year.