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TT | Caribbean Airlines shows profit of TT$121 Million

Featured TT | Caribbean Airlines shows profit of TT$121 Million
PORT-OF-SPAIN, Trinidad, November 23, 2019 - Caribbean Airlines (CAL) is reporting that its unaudited summary financial results for January to September 2019, has shown that the airline continues to achieve an operating profit with increases in cargo revenue by 14 per cent and year on year profit by 34 per cent.

In a media release on Friday, the company said it was net income positive, and has attributed its success to the implementation of new technology, expansion of the airline's route network, an increase in passenger demand and cargo business together with enhanced cost management.

The results show earnings before interest and taxes (EBIT) of TT$121 million, comprising of TT$153 million on international and other operations, and negative TT$32 million on the domestic air-bridge. Revenue, it said, for the nine months was TT$2.3 billion, up 3.8 per cent

Garvin Medera Caribbean Airlines CEO
Chief Executive Officer, Garvin Medera, said “It has truly been a breakout year for Caribbean Airlines.

CEO Garvin Medera said "It has truly been a breakout year for Caribbean Airlines. Another strong financial performance means we can continue our investments into new planes and services for our customers, building a better place to work for our employees, and supporting communities across the Caribbean through sponsorship, economic activity and global connectivity."

Chairman S Ronnie Mohammed thanked all its customers and staff and, expressed gratitude for the full support of the Government. Mohammed added: "Caribbean Airlines continues to develop a strong, sustainable platform to extend its reach and services in the future."

CAL listed several key financial highlights for the nine months ending September 2019 These include: Increased Cargo revenue by 14% and year on year profit increase by 34%.

  • Addition of three new Cargo Interline partners - Alaskan Airlines, Air Canada and United Airlines, giving market access to 50 global destinations 
  • Increased Duty Free revenue by 1.1% and year on year pro?t increase by 36% 
  • Introduction of a new Revenue Management System for improved forecasting & business optimization 
  • Caribbean Airlines ranked 96 of 332 global airlines for On-Time Performance
  • Domestic air bridge provided 872,498 seats and carried 766,776 passengers, ensuring that passengers were serviced as required with adequate capacity. The On Time Performance (OTP) also averaged 82% within 15 minutes on the air bridge for this period.
  • International operations carried 1,247,592 passengers, with an On Time Performance (OTP) average of 81%

CAL listed some of its new products and services announced this year among them a revamped website, 24-hour call centre and Flight Notifications means every customer can stay in touch and included:

  • Launch of the Caribbean Airlines Mobile App in June, booking and getting the latest flight updates got so much easier.
  • Non-stop flights between Port of Spain to Curaçao
  • Non-stop services between Kingston to Barbados,
  • Upcoming expansion of the Kingston hub to include service to Havana and Grand Cayman
  • Seasonal Service from Montego Bay to Fort Lauderdale

The release added: "The iconic Caribbean Identity campaign launched in February included sponsorship of events and organisations in 19 destinations across our network, bringing extra focus to the music, food and vibrant heritage of the Caribbean – many cultures, one people."

  • Countries: Trinidad_Tobago

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