Business

Caribbean Airlines delivers strong financial performance for 2019

Friday, November 29, 2019

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Caribbean Airlines recently reported that it had a strong financial performance over the last nine month period. The unaudited results for the nine-months ending September 2019 show Earnings before Interest and Taxes (EBIT) of TT$121 million and revenues of TT$2.3 billion, up 3.8 per cent.


In its summary of financial results, the airline said that it continues to achieve an operating profit and positive net income. A recent release said that the implementation of new technology, an expansion of the airline's route network, increases in passenger demand and cargo business along with enhanced cost management were some of the elements which contributed to the airline's success over the period.  

   
 Garvin Medera, chief executive officer said that it was truly a break-out year for the company.  

   
“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,” he said.


The release highlighted some of the key financials as being increased cargo revenue of 14 per cent, effecting a year-on-year profit increase by 34 per cent and an increased duty-free revenue by 1.1 per cent, accounting for year-on-year profit increases by 36 per cent.


“There was an addition of three new cargo interline partners: Alaskan Airlines, Air Canada and United Airlines, which gave market access to 50 global destinations, the introduction of a new Revenue Management System for improved forecasting and business optimisation.


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 per cent within 15 minutes on the air bridge for this period, the release also stated.


The airline also said that it was ranked 96 out of 332 global airlines for OTP.
The company accredited much of its success within to a number of new products and services that were introduced during the period. These included the launch of a Caribbean Airlines mobile app in June which allowed for easier access to booking and travel updates, accompanied by a revamped website and 24-hour call centre, non-stop flights between Port of Spain to Curaçao, non-stop services between Kingston to Barbados and seasonal services from Montego Bay to Fort Lauderdale.


It also noted an upcoming expansion of the Kingston hub to include services to Havana and Grand Cayman.


S Ronnie Mohammed, chairman of Caribbean Airlines thanked customers for their continued support and looks forward to the sustained growth of the airline company.
“Caribbean Airlines continues to develop a strong, sustainable platform to extend its reach and services in the future. We thank all our customers and employees and, our gratitude as always for the full support of the Trinidad and Tobago Government,” he added.


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