KINGSTON, Jamaica – Caribbean Airlines reported its unaudited summary financial results for January to September 2019, which show the airline continues to achieve an operating profit and is net income positive.
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; are some of the elements which contributed to the airline’s success over the period.
The unaudited results for the nine months ending September 2019 show earnings before interest and taxes (EBIT) of TT$121m, comprising of TT$153m on international and other operations, and negative TT$32m on the Domestic Air-Bridge, between Trinidad and Tobago. Revenue for the period was TT$2.3bn, up 3.8 percent.
Garvin Medera, chief executive officer, 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.”
The airline highlighted some of the key financial factors impacting their positive growth for the period, including increased cargo revenue by 14 percent and year on year profit increase by 34 percent; adding three new cargo interline partners – Alaskan Airlines, Air Canada and United Airlines; increased duty-free revenue by 1.1 percent and year on year profit increase by 36 percent; and introducing a new Revenue Management System. The carrier also ranked 96th of 332 global airlines for on-time performance.
The airlines improved customer satisfaction with new products and services such as the Caribbean Airlines Mobile App, a revamped website, 24-hour call center, and Flight Notifications. Caribbean Airlines began offering non-stop flights between Port of Spain and Curaçao, non-stop services between Kingston to Barbados, and seasonal service from Montego Bay to Fort Lauderdale.