Caribbean Airlines has announced its full year results for 2018, showing that revenue increased by 11% year-on-year to TT$292 million ($43.5 million). Unlike other airlines, Caribbean Airlines was able to publish very positive 2018 results and continued to show improvements.
However, one downside was that its EBIT (Earnings before interest and taxes) on domestic routes stood at a loss of TT$47 million. However, internationally, Caribbean Airlines managed a TT$158 million profit, showing the demand for flights to the Caribbean.
Caribbean Airlines Chairman, S. Ronnie Mohammed, remarked on the carriers improvement over the last few years: “With the continuous improvement of our technological footprint and the meticulous, hard work of our employees, Caribbean Airlines is happy to confirm that it was able to record an operating profit in 2018 in contrast to a loss just two years ago.”
“We consider this an exceptional achievement for our airline and for the Caribbean. The Board of Directors will continue to support the management team towards the sustainability of this commercial success in 2019 and beyond. We thank our employees for their dedication and our customers for their loyal support.”
Overall net income amounted to TT$42 million as a result of a loss on the domestic side of operations with all the profit coming internationally. This includes a profit of $TT109 million from international operations and TT$67 million on domestic services.
The domestic airbridge
The loss making domestic flights are from the so called ‘airbridge’ which Caribbean Airlines operates on. From Trinidad to Tobago, the sector is extremely busy in terms of flights. During the Easter period, Caribbean Airlines leased an additional aircraft to operate for a couple of weeks, adding more than 800 further seats. However, despite Caribbean Airlines’ efforts to cater for the demand, it wasn’t able to report profits for it. The carrier states that it is an ‘important part of our business’.