CAL makes $121m profit

Caribbean Airlines (CAL) has released its unaudited summary financial results for January to September 2019, reporting increases in cargo revenue by 14 per cent and year on year profit by 34 per cent.

In a media release on Friday, the company said it continues to achieve an operating profit and is net income positive.

The results show earnings before interest and taxes (EBIT) of $121 million, comprising of $153 million on international and other operations, and negative $32 million on the domestic air-bridge. Revenue, it said, for the nine months was $2.3 billion, up 3.8 per cent

CAL attributes its success to the implementation of new technology, expansion of the airline's route network, an increase in passenger demand and cargo business together with enhanced cost management.

"It has truly been a breakout year for Caribbean Airlines," CEO Garvin Medera said.

"Another strong financial performance means we can continue our investments into new planes and services for our customers, building a better place to work for our employees, and supporting communities across the Caribbean through sponsorship, economic activity and global connectivity."

Chairman S Ronnie Mohammed thanked all its customers and staff and, expressed gratitude for the full support of the Government.

Mohammed added: "Caribbean Airlines continues to develop a strong, sustainable platform to extend its reach and services in the future."

CAL listed several key financial highlights for the nine months ending September 2019 including the addition of three new Cargo Interline partners, Alaskan Airlines, Air Canada and United Airlines, giving market access to 50 global destinations.

Another is the increased duty-free revenue by 1.1 per cent and year on year profit increase by 36 per cent. It also includes the introduction of a new revenue management system for improved forecasting and business optimisation.

The domestic air bridge provided 872,498 seats and carried 766,776 passengers, ensuring that passengers were serviced as required with adequate capacity.

The release said CAL is ranked 96 of 332 global airlines for on-time performance (OPT) which averaged 82 per cent within 15 minutes on the air bridge.

International operations carried 1,247,592 passengers with an OTP average of 81 per cent.

CAL listed some of its new products and services announced this year among them a revamped website, 24-hour call centre and Flight Notifications means every customer can stay in touch.

In June, it launched its mobile app, making it easier to book and get the latest flight updates.

There have been non-stop flights between Port of Spain to Curacao, non-stop services between Kingston to Barbados as well as seasonal service from Montego Bay to Fort Lauderdale.

The upcoming expansion of the Kingston hub is to include service to Havana and Grand Cayman.

The release added: "The iconic Caribbean Identity campaign launched in February included sponsorship of events and organisations in 19 destinations across our network, bringing extra focus to the music, food and vibrant heritage of the Caribbean – many cultures, one people."