The world’s largest cruise operator Carnival Corp. earned record revenues in the fourth quarter of fiscal year 2023, but ended the period with a slight loss.
According to the company’s press release, the net loss in September-November amounted to $48 million, or $0.04 per share, compared to $1.6 billion, or $1.27 per share, in the same period last year. Adjusted loss decreased to 7 cents from 85 cents per share.
Adjusted EBITDA was positive and amounted to $946 million against minus $96 million a year earlier.
Revenue reached a record $5.397 billion, up from $3.839 billion in the fourth quarter of FY2022.
Analysts on average estimated an adjusted loss of 13 cents per share on revenue of $5.3 billion, according to FactSet.
Revenue from ticket sales in the fourth fiscal quarter increased by 55% to $3.51 billion, and from onboard sales by 20% to $1.886 billion.
For the entire fiscal year 2023, Carnival also received record revenues of $21.593 billion, up from $12.168 billion a year earlier. Adjusted EBITDA amounted to plus $4.23 billion versus minus $1.68 billion a year earlier, adjusted net profit – $1 million versus a loss of $5.51 billion in FY2022.
In FY2024, the company forecasts adjusted EBITDA of $5.6 billion (including about $800 million in the first quarter) and adjusted net income of $1.2 billion (including a loss of $280 million in the first quarter).
The company’s share price is up 3.5% in Thursday trading.
After two years with a small-scale event, limited by health regulations due to COVID 19, the Carnival of Venice 2023 returned to Venice in all its unfading splendor for inhabitants and guests of the most romantic city in Italy, giving journalists reason to compare it to the mythical phoenix bird rising from the ashes.
Therefore, the color and sound performance of the opening in February on the canals of this eternal holiday had not only a special charm, but also a clear symbolic meaning that life wins. And Venetians make no secret of their joy that the carnival is once again taking place in its traditional form.
“It is a moment of self-identification for the people of Venice and for Venetians all over the world,” says Giovanni Gusta, municipal councilor in charge of Venice’s traditions.
The city on the water is dressed in bright colors, and its inhabitants in fantastic costumes that make you think everything happens in a fairy tale. And everywhere there are masks and masks. In public, in shop windows, on souvenir piles for tourists. Masks in the form of wall decorations, brooches, hairpins, bracelets and magnets.
A resident of Milan, Massimo Candelora, who came to Venice especially for the Carnival, claims that the masks evoke memories and nostalgia of the Venetians. After all, they have been worn in Venice since ancient times. “Today I’m in Venice, and I’m wearing a costume and a ‘bauta’ mask, a typical Venetian mask. It is a simple mask, but it could be worn even when other masks could not be worn. That’s why it is a unique and typically Venetian mask,” the Milanese explains.
A bauta is a papier-mache mask, usually white in color. It has a quadrangular shape, and its half, which covers the lower part of the face, is clearly protruding forward, leaving enough space to be able to drink and eat without removing the mask. In addition, this shape also changes the speaker’s voice, further enhancing his anonymity.
Over time, masks became an attribute of carnival. And before that, in economically prosperous Venice, hiding a person’s identity was commonplace in everyday life. It played a pragmatic role as people hid from competitors, envious people and stooges their deals, which were not necessarily in accordance with the laws of the time.
The carnival festivities will last until February 21, and until then, people in colorful costumes and the most unimaginable masks will be seen in Venice as a natural part of the cityscape, the local order and traditions.
Venice has regained its soul with the revival of carnival, say the Venetians.
