CAL reports operating profit up by $120m

CARIBBEAN Airlines Ltd (CAL) has reported its operating profit for the first six months of 2018 (January to June) is up $120 million, 77 per cent, compared to the same period last year, the state airline said in a statement.

Revenue is up 19 per cent, or $210 million.

An operating profit is also called earnings before interest and tax, and considers a company’s ability to meet operational costs from revenue.

The airline has been able to improve its financial performance despite a 32 per cent hike in fuel costs, CAL added. CEO Garvin Medera said the results were because of CAL’s focus on customer experience and more efficient use of resources and route network.

Included in its increased profitability, the airline reported higher revenues and profits from its line cargo and freighter operations; increased airbridge capacity; and more regional and international passengers. The company also introduced a new route to Havana, Cuba in January.

Despite this glimpse into CAL’s financial viability, the last time the company released its financial statements was 2015, when it reported a US$60 million loss for the financial year 2014.