DURING the first two months of the year before the effects of Covid-19 set in, Caribbean Airlines Limited (CAL) surpassed its earnings before interest and taxes compared to the same period in 2019.
A release on Wednesday said that Caribbean Airlines performance for January and February 2020 surpassed previous year 2019.
It noted that earnings before interest and taxes increased by 2.5% or TT$662,500 with revenues increasing by 5.3% or TT$21.8 million.
CAL stated that the increase in revenues was resultant from better passenger numbers of 5.8% or 21,112 and Cargo services have continued to operate throughout the year.
It stated that figures for March or Q1 overall have not been stated due to the abnormal impact of the lockdown.
Chief Financial Officer Marina Chase said: “The first two months of 2020 were very encouraging, with load factors and overall performance for the period trending better than 2019, which itself was a strong year for Caribbean Airlines. The Airline was well poised for another great year prior to the advent of Covid-19.”
The release stated that Covid-19 has impacted airlines and air travel globally with CAL being no exception.
It added, “The airline continues to manage its financial and operational situation on a short-term basis.
“The Government of Trinidad and Tobago has guaranteed a US $66.5m loan to the airline, to assist in alleviating some of the cash flow shortfall originating from the lockdown and global economic impact.
“This loan is currently being arranged with financial institutions and will be repaid out of future income.
“From the onset of 2020, the airline maintained a firm approach to cost management and with the technology implemented in 2019, such as the mobile app and products like Caribbean Explorer and Caribbean Vacations, customers can more easily customise their travel.”