Piarco, Trinidad and Tobago, W.I. November 22, 2019 – Caribbean Airlines is pleased to report its unaudited summary financial results for January - 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%.
Garvin Medera, Chief Executive Officer, states: “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.”
Key financial highlights for the nine months ending September 2019 include:
- Increased Cargo revenue by 14% and year on year profit increase by 34%.
Addition of three new Cargo Interline partners - Alaskan Airlines, Air Canada and
United Airlines, giving market access to 50 global destinations
- Increased Duty Free revenue by 1.1% and year on year profit increase by 36%
Introduction of a new Revenue Management System for improved forecasting &
business optimization
- Caribbean Airlines ranked 96 of 332 global airlines for On-Time Performance
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% within 15 minutes on the air bridge for this period.
International operations carried 1,247,592 passengers, with an On Time Performance (OTP) average of 81%
S. Ronnie Mohammed, Chairman, Caribbean Airlines added: "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."
A number of new products and services were announced during 2019:
- Launch of the Caribbean Airlines Mobile App in June, booking and getting the latest flight updates got so much easier.
- A revamped website, 24-hour call centre and Flight Notifications means every customer can stay in touch.
- Non-stop flights between Port of Spain to Curaçao
- Non-stop services between Kingston to Barbados,
Upcoming expansion of the Kingston hub to include service to Havana and Grand
Cayman
- Seasonal Service from Montego Bay to Fort Lauderdale
The iconic Caribbean Identity campaign launched in February included sponsorship of events and organizations in 19 destinations across our network, bringing extra focus to the music, food and vibrant heritage of the Caribbean – many cultures, one people.
Caribbean Airlines sincerely thanks all our customers for their continued support.