CARIBBEAN Airlines has lost $738 million for the financial year 2020.
It has blamed the Covid-19 pandemic for the loss in its unaudited financial results ending December 31, 2020.
The results showed an operating loss, earnings before interest and taxes (EBIT), of TT$738 million (US$109.2 million) on revenue of TT$802 million (US$118.6 million).
In 2019, there was a positive EBIT of TT$76 million (US$11.2 million) and on revenue of TT$3 billion (US$440 million) for the 12-month period, the airline stated.
Operating expenses for 2020 were TT$1.54 billion (US$228 million) which was 47 % lower than 2019 due to fewer flights and strict cost controls.
Chief Executive Officer (CEO) of Caribbean Airlines Garvin Medera said, “The first two months of 2020 continued our upward trajectory of the previous three years and the next phase of our strategic plan was commencing strongly.
“However, Covid-19 has taken a sledgehammer to international travel and tourism for the past ten months and our financial results for last year fully reflect this new reality.”