Caribbean Airlines has announced that its unaudited accounts show an operating profit and is net income positive for the year.
A statement by the company says that the unaudited accounts for the fiscal year ending December 2018 show Earnings Before Interest and Taxes (EBIT) of positive TT$111 million comprising of TT$158 million on international and other operations, and negative TT$47 million on the domestic air bridge.
The combined net income resulted in an overall figure of TT$42 million, comprising of TT$109 million on the international and other operations and a net loss of TT$67 million on the air bridge.
It says that total year-to-date revenues showed an improvement of 11% year-on-year of TT$292 million.
Fuel of TT$597 million was a major expenditure for the same period, compared to TT$471 million in 2017 resulting in a year-on-year increase of TT$126 million, driven by a WTI (West Texas Intermediate) Oil price of US$64.94 per barrel from WTI US$50.88 per barrel in 2017.
“With the continuous improvement of our technological footprint and the meticulous, hard work of our employees, Caribbean Airlines is happy to confirm that it was able to record an operating profit in 2018 in contrast to a loss just two years ago," Caribbean Airlines Chairman Mr. S. Ronnie Mohammed said.
He added: "We consider this an exceptional achievement for our airline and for the Caribbean. The Board of Directors will continue to support the management team towards the sustainability of this commercial success in 2019 and beyond. We thank our employees for their dedication and our customers for their loyal support.”
Chief Executive Officer Garvin Medera praised the airline's team.
"The significant improvement in the financial results in 2018 is attributable in large part to our focus on an improved experience for customers, more efficient use of resources and better utilisation of the route network. Profitability gives us a strong foundation to develop the business further, including improved training and support for our employees, a refreshed brand, added enhancements to the customer experience, and more advances in the use of technology, both inside the business and customer facing. By making the right investments now, we can yield extremely positive long-term results," Madera said.