Caribbean Airlines revenue falls $2.2b in 2020

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Caribbean Airlines revenue falls $2.2b in 2020

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https://newsday.co.tt/2021/02/16/caribb ... b-in-2020/

Caribbean Airlines revenue falls $2.2b in 2020
CARLA BRIDGLAL
2021/02/16

State carrier Caribbean Airlines Ltd recorded a massive $738 million operating loss last year, the company said in a statement announcing its unaudited financial position for the year ending December 31, 2020.

The company's revenue was $802 million for the period.

An operating loss is the company's net income or earnings before payments for interest and taxation (EBIT) and focuses on a company's ability to generate a profit from operations, ignoring variables like tax rates.

This performance is in stark contrast to the airline's performance the year before, when CAL's operating profit was $76 million and revenue was $3 billion for the 12 months of 2019 – or a 1,072 per cent fall year-on-year.

Operating expenses for 2020 were $1.54 billion or 47 per cent lower than 2019, owing to fewer flights and strict cost controls.

The entire airline industry suffered over the last year as countries all over the world restricted travel and closed borders to commercial flights in an effort to mitigate the spread of the coronavirus pandemic.

Trinidad and Tobago's borders have been closed since March 22.
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Re: Caribbean Airlines revenue falls $2.2b in 2020

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https://newssourcegy.com/news/caribbean ... -earnings/

Caribbean Airlines suffers US$109M decrease in earnings
February 16, 2021

Regional carrier, Caribbean Airlines is reeling from the impact of the COVID-19 pandemic on the travel industry.

In a statement today, CAL announced that its before tax earnings has decreased by more than US$109 million.

Over the past few years, the airline was seeing increased earnings as it launched an aggressive marketing strategy, but the COVID-19 pandemic changed all of that.

The airline’s Chief Executive Officer Garvin Medera explained that “the first two months of 2020 continued our upward tra-jec-tory of the previous three years and the next phase of our strategic plan was commencing strongly. However, Covid-19 has taken a sledgehammer to international travel and tourism for the past 10 months and our financial results for last year fully reflect this new reality.”

He said in spite of the pandemic, and reduced flying, the carrier managed to add new destinations to its network and expanded its cargo offerings to include charter services.

Caribbean Airlines said at times during 2020, passenger flights were 90% lower than the same period for the previous year as a result of international border closures.

Passenger numbers for 2020 fell substantially by 71%. The airline has been forced to furlough many of its workers.

The Chairman of Caribbean Airlines, S. Ronnie Mohammed said “2020 was the worst year on record for the global travel industry and specifically for aviation. Regrettably, Caribbean Airlines was hit hard. From a promising period of progress and profitability, we were severely negatively impacted”.
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Re: Caribbean Airlines revenue falls $2.2b in 2020

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https://www.nationnews.com/2021/02/17/c ... ting-loss/
http://www.jamaicaobserver.com/latestne ... ottom_line

Caribbean Airlines hit by US$109m operating loss
FEBRUARY 17, 2021

Port Of Spain

State-owned carrier Caribbean Airlines said Tuesday that the global COVID-19 pandemic had negatively impacted its earnings in 2020, leaving it with a more than US$109 million operating loss.

The airline announced its unaudited financial results for the year to the end of December 2020, which showed an operating loss (Earnings Before Interest &Taxes – EBIT) of TT$738 million (US$109.2 million) on revenue of TT$802 million (US$118.6 million).

“The first two months of 2020 continued our upward trajectory of the previous three years and the next phase of our strategic plan was commencing strongly. However, COVID-19 has taken a sledgehammer to international travel and tourism for the past 10 months and our financial results for last year fully reflect this new reality,” said Garvin Medera, CEO of Caribbean Airlines.

The 2020 results were in stark comparison to 2019, which saw a positive EBIT of TT$76 million (US$11.2 million) on revenue of TT$3 billion (US$440 million) for the 12-month period.

Operating expenses for 2020 were TT$1.54 billion (US$228 million), 47 per cent lower than 2019 due to fewer flights and strict cost controls.

Despite the pandemic and reduced flying, Medera said, Caribbean Airlines managed to add new destinations to its network and expanded its cargo offerings to include charter services.

“We also provided support through repatriation flights for a number of Caribbean nations and resumed operations in some destinations outside of Trinidad and Tobago where borders are open,” he said.

At times during 2020, passenger flights were 90 per cent lower than the same period for the previous year as a result of international border closures from March 2020 onwards. Passenger numbers for 2020 fell substantially by 71 per cent to a mere 741,676 (371,549 of which travelled on the domestic air bridge between Trinidad and Tobago), in comparison to 2019 when the airline carried 2 595 526 people.

“2020 was the worst year on record for the global travel industry and specifically for aviation. Regrettably, Caribbean Airlines was hit hard. From a promising period of progress and profitability, we were severely negatively impacted,” Caribbean Airlines chairman S. Ronnie Mohamme said.

He added, however, that the board of directors and management remain committed to the sustainability of Caribbean Airlines.
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Re: Caribbean Airlines revenue falls $2.2b in 2020

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https://www.guardian.co.tt/business/cal ... 377a67b57e

CAL finances take a nose-dive
Wed Feb 17 2021

Caribbean Airlines has announced that it lost $738 million for the financial year 2020.

In its unaudited financial results to the end of December 2020, CAL said the impact of the global pandemic resulted in an operating loss (earnings before interest and taxes EBIT) of TT$738 million (US$109.2 million) on revenue of TT$802 million (US$118.6 million).

The airline noted this is in stark comparison to 2019, which saw a positive EBIT of TT$76 million (US$11.2 million) on revenue of TT$3 billion (US$440 million) for the 12-month period.

Operating expenses for 2020 were TT$1.54 billion (US$228 million), 47 per cent lower than 2019 due to fewer flights and strict cost controls.

Garvin Medera, CEO of Caribbean Airlines, said, “The first two months of 2020 continued our upward trajectory of the previous three years and the next phase of our strategic plan was commencing strongly. However, COVID-19 has taken a sledgehammer to international travel and tourism for the past ten months and our financial results for last year fully reflect this new reality.”

Medera added that nonetheless, in spite of the pandemic, and reduced flying, the airline managed to add new destinations to its network and expanded its cargo offerings to include charter services.

“We also provided support through repatriation flights for a number of Caribbean nations and resumed operations in some destinations outside of Trinidad and Tobago where borders are open,” he said.

CAL also noted that at times during 2020 passenger flights were 90 per cent lower than the same period for the previous year as a result of international border closures from March 2020 onwards.

Passenger numbers for 2020 fell substantially by 71 per cent to a mere 741,676 (371,549 of which travelled on the domestic air bridge between T&T), in comparison to 2019 when the airline carried 2,595,526 people.

Ronnie Mohammed, Caribbean Airlines chairman, noted that 2020 was the worst year on record for the global travel industry and specifically for aviation.

“Regrettably, Caribbean Airlines was hit hard. From a promising period of progress and profitability, we were severely negatively impacted. However, the board of directors and management remain committed to the sustainability of Caribbean Airlines in 2020 and beyond,” Mohammed said.
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