CarnivalCorporation & plc, the world’s largest cruise shipping company, said its adjusted EBITA turned positive for the first since the Covid-19 pandemic in three months to 31 August, the third quarter of its financial year, but in terms of net result, it remained deeply in the red.

“Adjusted EBITDA for the third quarter of 2022 was over $300 million, turning positive for the first time since the resumption of guest cruise operations and marking a significant milestone,” the company said in a statement.

Group net loss in the third quarter amounted to $770 million compared to $2.84 billion in the same period last year. Revenues soared to $4.31 billion from $546 million.

In the first nine months of the financial year, the group mad a loss of $4.49 billion compared to $6.88 billion a year earlier. Revenues increased to $8.33 billion from $621 million.

Onboard and other revenue per passenger cruise day (PCD) for the third quarter of 2022 increased significantly compared to a strong 2019. “PCDs for the third quarter of 2022 were 17.7 million, representing a 55% increase from the prior quarter.

Occupancy in the third quarter of 2022 increased 15 percentage points from the prior quarter,” Carnival said.

Available lower berth days (ALBD) for the third quarter of 2022 were 21.0 million, or 92% of total fleet capacity, increasing from 74% in the second quarter of 2022, the company said.