June 24, 2020

CAL Recorded $21.8M Increase In Revenue At Start Of 2020… And Then COVID-19 Hit

By Newsroom

Caribbean Airlines is reporting an increase of $21.8million in revenue for the first two months of 2020 when compared to the same period last year.

The COVID-19 pandemic has stymied this upward trend, however, with CAL reporting $96.1 million in losses between March 23rd and April 30th with majority countries closing their borders to international travel.

In a statement on Wednesday, the Airline said earnings before Interest and Taxes increased by 2.5% or $662,5oo TTD  in January and February, with revenues increasing by 5.3% or $21.8million TTD.

“This 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 said.

Chief Financial Officer at CAL, 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 Government of Trinidad and Tobago has guaranteed a US$66.5m loan to the airline, to assist in alleviating some of the cashflow 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, the Airline said.

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