Imbert: Caribbean Airlines lost $172m in Q1

FINANCE Minister Colm Imbert has said Caribbean Airlines lost a total of $172.7 million during the first quarter of 2021.

On Monday, the airline announced it would be retrenching 450 people – approximately 25 per cent of its workforce – as part of measures to streamline its operations.

In the Senate sitting on Tuesday, Imbert said the airline will reduce its fleet to 13 aircraft: eight jets and five ATR turboprop planes.

Asked on Monday the "current financial position of CAL in relation to after-tax loss or profit after the first quarter of 2021," Imbert said, "The airline lost a sum of $172.7 million Trinidad and Tobago dollars."

Asked if the government has considered the Jamaican component of the airline's business model, he replied, "Caribbean Airlines restructuring will be taken in both countries in the best interest of the airline."

He said consultations with the soon-to-be retrenched workers are under way and that, "According to the law, the appropriate notice will be given and within the prescribed period of time prescribed by the law, the payments will be made."