Caribbean Airlines moves towards profitability

Trinidad and Tobago’s state-owned airline, Caribbean Airlines on Monday reported ongoing strength in passenger revenues, cost management and network efficiency. There are continued 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 US$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 US$17.8 million, or 77 per cent.

Clear and sustained progress

“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.”

Increased passenger numbers

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 inflight entertainment direct to passengers’ personal devices at no extra charge to them.”

‘Caribbean View’ will be officially launched on August 1 and will give passengers greater content, including movies, games and music via a dedicated app.