February 22, 2020

Caribbean Airlines on path to profitability

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From Jamaica Observer

continues robust performance for 2018 to date.

PORT OF SPAIN, Trinidad (CMC) — Trinidad and Tobago’s State-owned airline yesterday reported that ongoing strength in passenger revenues, cost management and network efficiency saw it continue robust performance for 2018 to date, with an increase in revenue over the period.

Reporting on its unaudited half-year results for 2018, Caribbean Airlines said revenues and earnings significantly improved over the same period in 2017, despite the impact of fuel costs increasing by 32 per cent.

Revenue has increased year on year by $31.3 million or 19 per cent, while Earnings Before Interest and Taxation (EBIT – Operating Profit/Loss) improved over the same period in 2017 by $17.8 million, or 77 per cent.

“I am delighted the team at Caribbean Airlines has seen the results of its hard work with another improved quarter, demonstrating we are making clear and sustained progress on our path to profitability,” said the airline’s Chief Executive Officer Garvin Medera.

“This is being driven by our focus on a better experience for customers, combined with ever more efficient use of our resources and our route network.”

Other highlights for the six-month period from January to June 2018 include: Increased passenger numbers and load factors, regionally and internationally; and increased air bridge capacity and efficiencies to service peak travel.

“At the same time, as improving our financial performance, we are also rapidly innovating in technology and services to improve the customer experience,” Medera added. “Our latest addition, ‘Caribbean View’, provides enhanced in flight entertainment direct to passengers’ personal devices at no extra charge to them.”

‘Caribbean View’, which will be officially launched on August 1, will give passengers greater content, including movies, games and music on their personal devices free of charge via a dedicated app.

For more on this story go to: http://www.jamaicaobserver.com/news/caribbean-airlines-on-path-to-profitability_139390?profile=1373

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