Carnival PLC on Friday reported a surge in third-quarter revenue and a narrowed loss, due to high demand throughout the period.
The Miami, Florida-based cruise line reported a narrowed pretax loss of $759 million in the quarter that ended August 31, from $2.86 billion in the comparable period a year before.
Revenue multiplied to $4.31 billion versus $546 million.
The company attributed the growth to high demand.
‘Historically, demand for cruises has been greatest during our third quarter, which includes the Northern Hemisphere summer months. This higher demand during the third quarter results in higher ticket prices and occupancy levels and, accordingly, the largest share of our operating income is typically earned during this period. This historical trend was disrupted in 2020 by the pause and in 2021 by the ongoing resumption of guest cruise operations,’ Carnival explained.
The company noted that Covid-19 and its ongoing effects, as well as inflation, higher fuel prices and higher interest rates are ‘collectively having a material impact on our business.’
Nonetheless, Carnival expects increases in revenue in 2023 on a per-passenger basis compared to 2019, due to the relaxation of Covid-19-related protocols.
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