PORT OF SPAIN, Trinidad (CMC) — Caribbean Airlines (CAL) recorded an operating profit of US$12.1 million last year, Trinidad’s Finance Minister Colm Imbert has announced.

Imbert, speaking at a customer appreciation event of the airline, said that the profit, which excludes debt service, represented a decline of 51 per cent, compared to the operating profit of US$24.7 million in 2023.

Imbert said CAL had witnessed a remarkable turnaround in its performance in 2023 “moving from an operating loss of US$36.7 million in 2022 to an operating profit of US$24.7 million, excluding debt service”.

“In 2024 the operating profit fell to US$12.1 million, excluding debt service. This was due to the following factors — increase in maintenance costs, handling costs and security flight operations,” Imbert said.

“For 2024, the airline recorded revenue of US$444.6 million an increase of 5.2 per cent. This was despite a decline of US$15 per passenger on the international routes due to competition,” said Imbert, noting that the increase in CAL’s revenue “underscores the resilience and dedication of the entire Caribbean Airlines team”.

“A key pillar of the plan is growth, which Caribbean Airlines continues to pursue with vigour and focus. In alignment with this strategy, the airline has been exploring strategic collaborations, such as discussions with Saudi Arabia’s Air Connectivity Programme, aiming to enhance its network and reflecting its dedication to connectivity between Trinidad and Tobago, the Caribbean, and the global community.”

Imbert said that as the majority shareholder of the airline, the government has steadfastly supported it, in a way that touches every traveller on the domestic aerobridge.

“This support touches every traveller on the domes — TT$400 (One TT dollar=US$0.16 cents) per return ticket, and $300 for a return ticket for each child. Without government subsidisation, each passenger, whether an adult or child, would be required to pay approximately TT$870 for return airfare, give or take market fuel prices and other charges.”

Imbert said maintaining affordability on the domestic aerobridge is such a key transportation policy position of the government that in 2019 a policy decision was taken to increase the ticket subsidy by TT$105 per adult airfare and TT$155 per child each way.

“In total, this subsidisation ranged between TT$40 million and TT$73 million per year, over the period July 2015 and July 2024, normalising for the much-needed Government interventions over the COVID-19 epidemic.

“In that challenging COVID-19 period, government assisted CAL with its obligations to its lessors amounting to approximately TT$285 million, as well as with payments to National Petroleum Marketing Ltd for fuel,” Imbert said.