{"id":124117,"date":"2021-02-16T22:55:52","date_gmt":"2021-02-17T02:55:52","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=124117"},"modified":"2021-02-16T22:55:52","modified_gmt":"2021-02-17T02:55:52","slug":"covid-19-pandemic-impacts-caribbean-airlines-bottom-line","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/covid-19-pandemic-impacts-caribbean-airlines-bottom-line\/","title":{"rendered":"COVID-19 pandemic impacts Caribbean Airlines’ bottom line"},"content":{"rendered":"
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State-owned carrier Caribbean Airlines said Tuesday that the global COVID-19 pandemic had negatively impacted its earnings in 2020, leaving it with a more than US$109 million operating loss.<\/p>

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The airline announced its unaudited financial results for the year to the end of December 2020, which showed an operating loss (Earnings Before Interest &Taxes \u2013 EBIT) of TT$738 million (US$109.2 million) on revenue of TT$802 million (US$118.6 million).<\/p>\n

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\u201cThe 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 10 months and our financial results for last year fully reflect this new reality,\u201d said Garvin Medera, CEO of Caribbean Airlines.<\/p>

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The 2020 results were in stark comparison to 2019, which saw a positive EBIT of TT$76 million (US$11.2 million) on revenue of TT$3 billion (US$440 million) for the 12-month period.<\/p>

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Operating expenses for 2020 were TT$1.54 billion (US$228 million), 47 per cent lower than 2019 due to fewer flights and strict cost controls.<\/p>

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Despite the pandemic and reduced flying, Medera said, Caribbean Airlines managed to add new destinations to its network and expanded its cargo offerings to include charter services.<\/p>\n

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\u201cWe 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,\u201d he said.<\/p>\n

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At times during 2020, passenger flights were 90 per cent lower than the same period for the previous year as a result of international border closures from March 2020 onwards. Passenger numbers for 2020 fell substantially by 71 per cent to a mere 741,676 (371,549 of which travelled on the domestic air bridge between Trinidad and Tobago), in comparison to 2019 when the airline carried 2,595,526 persons.<\/p>\n

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\u201c2020 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,\u201d Caribbean Airlines chairman S Ronnie Mohammed lamented.<\/p>\n

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However, he added, the Board of Directors and Management remain committed to the sustainability of Caribbean Airlines.<\/p>\n

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State-owned carrier Caribbean Airlines said Tuesday that the global COVID-19 pandemic had negatively impacted its earnings in 2020, leaving it with a more than US$109 million operating loss. The airline announced its unaudited financial results for the year to the end of December 2020, which showed an operating loss (Earnings Before Interest &Taxes \u2013 EBIT) […]<\/p>\n","protected":false},"author":3,"featured_media":117776,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[118,119,117,116,107,88,102,94,96,91,90,99,92,114,115,98,108,106,104,109,95,105,110,112,113,111,101,103,97],"class_list":["post-124117","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regional","tag-268-antigua","tag-268-antigua-barbuda","tag-268-antigua-today","tag-268-today","tag-advertise-in-antigua","tag-antigua","tag-antigua-barbuda","tag-antigua-and-barbuda","tag-antigua-breaking-news","tag-antigua-caribbean","tag-antigua-crime","tag-antigua-economy-news","tag-antigua-news","tag-antigua-news-rooom","tag-antigua-observer","tag-antigua-politics","tag-antiguan-news","tag-barbuda","tag-barbuda-news","tag-barbudan-news","tag-breaking-news-antigua","tag-news","tag-news-antigua","tag-news-antigua-barbuda","tag-news-antigua-and-barbuda","tag-news-barbuda","tag-news-in-antigua","tag-news-in-barbuda","tag-tourism-news"],"yoast_head":"\nCOVID-19 pandemic impacts Caribbean Airlines' bottom line - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/covid-19-pandemic-impacts-caribbean-airlines-bottom-line\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"COVID-19 pandemic impacts Caribbean Airlines' bottom line\" \/>\n<meta property=\"og:description\" content=\"State-owned carrier Caribbean Airlines said Tuesday that the global COVID-19 pandemic had negatively impacted its earnings in 2020, leaving it with a more than US$109 million operating loss. 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