A confident Garvin Medera, CEO of Caribbean Airlines, has predicted the national and regional airline will report a return to profitability for the financial year 2023.
“In 2018 and 2019 we had an operating profit for the first time in seven years, and in 2020 , as a result of the pandemic, we mad a US$109 million loss. When we announce our results in 2023, we expect show an operating profit again.”
Speaking at the Hyatt Regency in Port of Spain as the feature speaker at the 14th annual international finance and accounting conference of the Institute of Chartered Accoutnants of TT (ICATT), Medera spoke of the impact covid19 had on the airline, but said in 2023 there was a turnaround.
“As of February 2020, we had a solid plan that was coming together nicely. We had new planes coming in and out, we had a nice brand about to launch and customer satisfaction rising. Skies were blue.
"You know what happened next. The thing we missed – the thing everyone missed in their strategic plans (covid19).
"There is no greater test of resilience than almost your entire fleet grounded. I’m here today because we passed that test.”
He acknowledged the government’s role in surviving covid19, saying it had supported CAL long enough for it to get back on its feet.
“They backed us because we could show we had the resilience, people, the plan, multiple visions and the opportunity to recover. I think they made the right choice.”
In 2020 CAL passenger flights were 90 per cent lower than for the same period the year before, and passenger numbers fell by 71 per cent, resulting in the loss over that period.