CAL is back in the black

File photo -
File photo -

For the first time in at least five years, Caribbean Airlines has reported a $42 million profit, although its performance continues to be dragged down by the loss-making airbridge.

In a statement today, the company released a summary of its unaudited statements, announcing a $111 million operating profit. The breakdown though, shows that while the airline recorded $158 million in earnings before interest and tax on international routes, it made negative $47 million on the air bridge. Overall, the company’s net income from international flights and other operations was $109 million, while domestic air bridge operations made a net loss of $67 million.

Fuel costs were the company’s biggest expense, costing $597 million in 2018 versus $471 in 2017, which the company attributed to the higher price of oil on the international market.

The last time Caribbean Airlines, which is majority-owned by the TT Government, last presented annual financials to the public in 2015, for its 2014 performance, where it recorded a US$60 million loss.

This story will be updated.

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"CAL is back in the black"

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