STATE-owned Caribbean Airlines (CAL) reports an operating loss of TT$326.6million (US $48million) for the first six months of the year.
In a press release by CAL on Thursday, CAL stated that its unaudited financial results for the six months ended June 2021, reflected the depressed market conditions.
“The airline’s performance was consistent with the same period for 2020, when it reported an operating loss of TT$331million (US$48.7million),” CAL stated.
CAL stated that total revenue generated for the 2021 period was TT$264.9million (US$39m), a decline of 54% or TT$306million (US$45.7m) over 2020 due to a 44.8% drop in passenger numbers as a result of the pandemic. The government provided financial support to assist the airline with expenditure commitments.
It stated, “To cushion the impact of the dramatic decrease in passenger traffic and consequent revenue collapse, Caribbean Airlines offered cargo charters using its passenger planes and operated repatriation and other special services on request from regional Governments. The airline also took the proactive decision to adjust its planned strategy in response to managing the impact of the pandemic.”
Globally, CAL stated that 2020 was confirmed as the worst year in the history of aviation, recording the largest ever decline in air passenger numbers, with a stagnated outlook projected for 2021. At the depth of the crisis, 66% of the world’s commercial air transport fleet was grounded and the industry losses worldwide have been tabulated at over US$ 370 billion.
