CAL reveals operating loss of $738M for 2020

CAL reveals operating loss of $738M for 2020

Caribbean Airlines has revealed that it operated at a loss of TT$738m in 2020.

According to the airline’s unaudited financial results, which were released to media earlier today, CAL’s operating expenses for the year totalled TT$1.54bn while there was revenue of TT$802m.

The number of passengers travelling with the airline fell from over 2.5 million in 2019 to just 741,676 last year.

Advertisements

CAL says this loss is in stark comparison to 2019, which the company had an operating profit of TT$76m for the 12 month period.

CAL CEO Garvin Medera, said “For the first two months of 2020, CAL was experiencing an upward trajectory of the previous three years and the next phase of our strategic plan was commencing strongly. However, Covid19 has taken a sledgehammer to international travel and tourism for the past 10 months and our financial results for last year fully reflect this new reality.”

Medrea added: “Nonetheless, in spite of the pandemic and reduced flying, we managed to add new destinations to our network and expanded our cargo offerings to include charter services. We also provided support through repatriation flights for a number of Caribbean nations and resumed operations in some destinations outside of Trinidad and Tobago, where borders are open.”

CAL’s Chairman, S. Ronnie Mohammed, said: “2020 was the worst year on record for the global travel industry and specifically for aviation. Regrettably, Caribbean Airlines was hit hard. From a promising period of progress and profitability, we were severely negatively impacted. However, the Board of Directors and Management remain committed to the sustainability of the airline.”

COMMENTS

WORDPRESS: 0
DISQUS: 0