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Caribbean Airlines announces profit

Via Barbados Nation

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PORT OF SPAIN – Caribbean Airlines reported a summary of its unaudited financial results, for the nine months ended September 30, which show the airline has moved into an operating profit and is net income positive for the year-to-date.

The unaudited accounts for the nine months to September 30, show Earnings Before Interest and Taxes (EBIT) of positive TT$96 million (BDS$28.5 million) – made up of TT$118 million (BDS$35 million) on international and other operations and negative TT$22 million (BDS$6.5 million) on the domestic air bridge.

The airline’s total net income of TT$48 million (BDS$14.25 million) includesTT$83 million (BDS$24.6 million) on international and other operations and a loss of TT$35 million (BDS$10.3 million) on the air bridge.

Speaking about the airline’s improved performance, Chairman S. Ronnie Mohammed said: “This is an exceptional achievement for Caribbean Airlines, particularly against a headwind of higher oil prices and our increased support of the domestic operations. We consider this to be great news for the Caribbean Region, driven by the team’s high level of professionalism, efficiency and customer focus.”

Garvin Medera, Chief Executive Officer added: “This success is testimony to the commitment of our employees and to the loyalty of our customers, who support us throughout the network. There is still more to do to build on this foundation, particularly as we enter a traditionally challenging time of year.” (PR)

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