Caribbean Airlines Reports US$48m Operating Loss For First Half Of 2021

(CMC) — Caribbean Airlines Limited (CAL) is reporting an operating loss of some TT$326.6 million (US$48 million) for the first half of this year, in an official statement Thursday on its unaudited financial results.

CAL said they were in a similar position during the same period for 2020.

“In a year when the airline and travel industry were pulverized by the COVID-19 pandemic, Caribbean Airlines’ unaudited financial results for the six months ended June 2021 reflected the depressed market conditions with an operating loss of TT$326.6 million (US$48 million),” the statement read.

“The airline’s performance was consistent with the same period for 2020, when it reported an operating loss of TT$331m (US$48.7 million).”

Noting that Government had provided financial support to assist the airline with expenditure commitments, CAL reports its total revenue generated for the first six months of 2021 was TT$264.9 million (US$39 million), a decline of 54 per cent or TT$306 million (US$45.7 million) over 2020, due to a 44.8 per cent drop in passenger numbers as a result of the pandemic.

The company also noted in its release how it attempted to deal with the COVID-19 pandemic over the past 18 months.

“To cushion the impact of the dramatic decrease in passenger traffic and consequent revenue collapse, Caribbean Airlines offered cargo charters using its passenger planes and operated repatriation and other special services on request from regional Governments,” it said. “The airline also took the proactive decision to adjust its planned strategy in response to managing the impact of the pandemic.”

CAL also pointed out that globally, the aviation industry has been hard hit by the pandemic.

“Globally, 2020 was confirmed as the worst year in the history of aviation, recording the largest ever decline in air passenger numbers, with a stagnated outlook projected for 2021,” the company observed.

“At the depth of the crisis, 66 per cent of the world’s commercial air transport fleet was grounded and the industry losses worldwide have been tabulated at over US$ 370 billion,” it added.