Losses for the final quarter and its full financial year to 30 November narrowed at Carnival Corporation & plc as the company continued to return to normal conditions.

For the fourth quarter, the company reported a net loss of $1.598 billion compared to a loss of $2.620 billion in the same period a year earlier, Revenues rose to $3.839 billion from $1.287 billion.

For the 12 months to 30 November, the loss narrowed to $6.039 billion from $9.501 billion, while revenues increased to $12.168 billion from $1.908 billion.

Chief Executive Officer Josh Weinstein said in a statement: "Throughout 2022, we have successfully returned our fleet to service, aggressively building occupancy on growing capacity, while driving revenue per passenger cruise day higher than 2019 record levels, both in the fourth quarter and full year overall. We have also actively managed down our costs while investing to build future demand."

Revenue per passenger cruise day (PCD) for the fourth quarter of 2022 increased 0.5% and by 3.8% in constant dollar compared to a strong 2019, overcoming the dilutive impact of future cruise credits (FCC), and better than the third quarter of 2022 which decreased 4.1% or by 2.1% in constant dollar compared to 2019.

Occupancy in the fourth quarter was 19 percentage points below 2019 levels, on capacity in guest cruise operations approaching 2019 levels. This was better than the third quarter, which was 29 percentage points below 2019 levels on 8% lower capacity than 2019.

Adjusted cruise costs excluding fuel per available lower bed day (ALBD) continued its sequential quarterly improvement in the fourth quarter with a 7.2% increase , or by 11% in constant currency, as compared to the fourth quarter of 2019.

This was down from a 25% increase (same in constant currency) in the first quarter of 2022 as compared to the first quarter of 2019. “Costs remain higher as a result of higher advertising investments to drive 2023 revenue as well as partially mitigating the impacts of a high inflation environment. This was in line with the previous guidance of a low double-digit increase in constant currency,” the company said.

Changes in fuel price, fuel mix and currency rates unfavorably impacted the fourth quarter of 2022 by $267 million compared to the fourth quarter of 2019.