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Marriott posts bigger-than-expected loss
US hotel operator Marriott International posted a bigger-than-expected quarterly loss on Monday, as the coronavirus pandemic curbed global travel and led to a plunge in room bookings.
Marriott's shares, down 40.3 per cent this year, fell 3.8 per cent in premarket trading as the company also reported an 84.4 per cent plunge in revenue per available room (RevPAR).
For the full year, the company currently estimates rooms could grow by 2 to 3 per cent. The company's loss attributable to stockholders was US$234 million, or 72 cents per share, in the second quarter ended June 30, compared with net income of US$232 million, or 69 cents per share, a year earlier. Total revenue plunged 72.4 per cent to US$1.46 billion. On an adjusted basis, Marriott reported a loss of US$0.64 per share. REUTERS