Caribbean Airlines Remains On Flight Path To Profitability For The First Half Of 2018
On-going strength in passenger revenues, cost management and network efficiency saw Caribbean Airlines continue its robust performance for 2018 to date.
Today, Caribbean Airlines reported its unaudited half-year (January-June) results for 2018, with Revenues and Earnings significantly improved over the same period in 2017, despite the impact of higher fuel costs, which are 32% higher.
Revenue has increased year on year by US$ 31.3M or TT$ 210M or 19%, while Earnings Before Interest and Taxation (EBIT - Operating Profit/Loss) improved over the same period in 2017 by US$ 17.8M or TT$ 120M or 77%.
Garvin Medera, Chief Executive Officer, said: "I am delighted the team at Caribbean Airlines has seen the results of its hard work with another improved quarter, demonstrating we are making clear and sustained progress on our path to profitability. This is being driven by our focus on a better experience for customers, combined with ever more efficient use of our resources and our route network."
Other highlights for the six-month period from January to June 2018:
• Line Cargo & Freighter operations Revenue and Operating Profit improvement.
• Increased passenger numbers and load factors both regionally and internationally.
• Increased Air bridge capacity and efficiencies to service peak travel.
Medera added: "At the same time as improving our financial performance, we are also rapidly innovating in technology and services to improve the customer experience. Our latest addition, "Caribbean View", provides enhanced inflight entertainment direct to passengers' personal devices at no extra charge to them."
Several new products, features and services were announced during the first half of 2018:
• "Caribbean View" - which will be officially launched on August 01. With this product passengers can get greater content including movies, games and music on their personal devices free of charge via a dedicated app.
• "Caribbean Upgrade" - where economy class ticket holders can bid for available business class seats on all eligible routes.
• "Caribbean Plus" - a new option offering additional comfort with extra seat space and boarding benefits on economy fares.
• "Caribbean Explorer" - which gives travelers the ability to go to several islands using one affordable fare.
• Online miles redemption.
• Introduction of Webchat and WhatsApp for Business to enable a personalized digital option for our customers to chat with a call center agent.
• Implementation of new routes to Havana, Cuba and non-stop service between St. Vincent and the Grenadines and JFK, New York.