{"id":8473,"date":"2017-10-20T08:58:48","date_gmt":"2017-10-20T12:58:48","guid":{"rendered":"http:\/\/antiguanewsroom.com\/?p=8473"},"modified":"2017-10-20T08:59:22","modified_gmt":"2017-10-20T12:59:22","slug":"liat-to-lose-millions-due-to-irma","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/liat-to-lose-millions-due-to-irma\/","title":{"rendered":"LIAT to lose millions due to Irma and Maria"},"content":{"rendered":"
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Regional airline LIAT is expected to end the year with a loss of US$13.25 million as a result of the impact of extreme weather during this hurricane season.<\/p>

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As a result, the shareholder governments of the cash-strapped carrier have secured a US$7 million loan to help the airline cope.<\/p>\n

Prime Minister Ralph Gonsalves of St Vincent and the Grenadines, who is chair of LIAT’s shareholder governments, told a press conference earlier this week that between June and September, LIAT cancelled 408 flights, compared to 67 in 2016.<\/p>

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\u201cThis translates into revenue loss of EC$5 million (One EC dollar =US$0.37 cents) ,\u201d Gonsalves said.<\/p>

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He said\u00a0 the airline lost a lot of revenue because it could not fly into Dominica, St Martin, Tortola, and Puerto Rico, all of which were battered by hurricanes over the past two months.<\/p>\n

\u201cThese markets account for 30 per cent of the total flights and 35 per cent of total revenue,\u201d Gonsalves said.<\/p>

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He said loads on regular flights fell because of the general uncertainty in the market, arising from the disasters.<\/p>\n

The shareholder governments met last week to discuss progress on decisions taken earlier this year concerning further reforms in the airline.<\/p>

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At the meeting, they were told that the estimated financial impact of the adverse weather this hurricane season is US$6.5 million and the market recovery is expected to take nine to 12 months.<\/p>

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He said the best-case scenario for loss in revenue for October to December puts the anticipated loss at US$4.6 million.<\/p>\n

\u201cAnd, for instance, continuing, we will lose about US$780,000 on the St Martin route, about US$1.3 million on the Tortola route, US$1.35 million on the Dominica route, about a quarter million (US) dollars on the Puerto Rico route, and about US$950,000 on other routes with the depression of the market.\u201d<\/p>\n

Gonsalves said that the budget that the airline had for 2017 was for total revenue of EC$112.1 million with operating expenses at EC$109.3 million, to give the airline an operating profit of EC$2.8 million.<\/p>\n

This is in addition\u00a0 to interest, income and other expenses of EC$2.6 million, to give a net profit of EC$200,00 and a net profit overall of about EC$500,000<\/p>\n

\u201cBut it is going to turn out that we are going to have a loss of about EC$35.6 million. That is what is forecast because the total revenues is going to be about EC$94 million, the operating expenses about EC$105 million, which would give you EC$11 million for the operating loss and then we have to add EC$2.2 million for interest income and other expenses, US$13.25 million the total loss overall in EC$35.5 million dollars.\u201d<\/p>\n

Gonsalves said that for LIAT to meet its expenses for the period, the shareholders have to put in additional monies.<\/p>\n

He said that the US$7 million, borrowed from the Caribbean Development Bank (CDB),\u00a0 is a15-year loan with a moratorium of five years and an interest rate of 1 per cent.<\/p>\n

Antigua and Barbuda will be responsible for US$2.4 million, Barbados for US$3.72 million and St Vincent and the Grenadines for US$840,000 reflecting their respective percentage shares.<\/p>\n

Dominica is also a shareholder of LIAT.<\/p>\n

(CMC)<\/p>\n

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Regional airline LIAT is expected to end the year with a loss of US$13.25 million as a result of the impact of extreme weather during this hurricane season. As a result, the shareholder governments of the cash-strapped carrier have secured a US$7 million loan to help the airline cope. Prime Minister Ralph Gonsalves of St […]<\/p>\n","protected":false},"author":3,"featured_media":2128,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-8473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nLIAT to lose millions due to Irma and Maria - 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\/liat-to-lose-millions-due-to-irma\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LIAT to lose millions due to Irma and Maria\" \/>\n<meta property=\"og:description\" content=\"Regional airline LIAT is expected to end the year with a loss of US$13.25 million as a result of the impact of extreme weather during this hurricane season. 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