IN a statement, Caribbean Airlines (CAL) said that a summary of its unaudited financial results for 2018, shows the company has moved into an operating profit and is net income positive for last year.

The unaudited accounts for the fiscal year ending December 2018 show Earnings Before Interest and Taxes (EBIT) of positive TT$111m comprising of TT$158m on international and other operations, and negative TT$47m on the domestic air bridge.

CAL said that the combined net income resulted in an overall figure of TT$42m. It said it made $TT109m on the international and other operations and a net loss of $TT67m on the air bridge. “Total year-to-date revenues showed an improvement of eleven per cent (11%) year-on-year of TT$292M,” CAL noted.

CAL is also reporting an increase in its fuel expenditure. It said that fuel costs of TT$597m were a major expenditure for 2018 compared to TT$471m in 2017 resulting in a year-on-year increase of TT$126m. It said this increase was driven by a WTI (West Texas Intermediate) Oil price of US$64.94 per barrel from WTI US$50.88 per barrel in 2017.

CAL’s Chairman Mr S. Ronnie Mohammed stated: “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.”

The airline’s Chief Executive Officer, Mr. Garvin Medera praised the CAL team. “The significant improvement in the financial results in 2018 is attributable in large part to our focus on an improved experience for customers, more efficient use of resources and better utilisation of the route network.

“Profitability gives us a strong foundation to develop the business further, including improved training and support for our employees, a refreshed brand, added enhancements to the customer experience, and more advances in the use of technology, both inside the business and customer-facing. By making the right investments now, we can yield extremely positive long-term results,” Medera said.

CAL said its key achievements in 2018 included the winner of the World Travel Awards, free wireless in-flight entertainment, economy ticket holders can bid for Business Class seats on all eligible routes, extra legroom in rows 4-10 in the economy cabin of the Boeing 737-800 jet aircraft and travelers can go to several islands on one affordable fare.