REGIONAL carrier, Caribbean Airlines reports that the airline’s performance for January and February of this year surpassed performances for the corresponding months in the previous year.

In a statement, on Wednesday, the Trinidadian company said that it experienced a 2.5 per cent increase in earnings before interest and taxes and a 5.3 per cent increase in revenues. The statement did not state the net income for the months listed.

“This increase in revenues was resultant from better passenger numbers of 5.8 per cent or 21,112,” a statement from the company said.

The company said that it did not provide overall figures for its first quarter, as March figures were affected by the abnormal impact of the COVID-19 lockdown.

The cash-strapped company had, last May, secured a US$65M loan from the Trinidadian government “to assist in alleviating cash flow shortfall” that the company has been experiencing as a result of travel restrictions imposed across the globe due to the COVID-19 pandemic.

“This loan is currently being arranged with financial institutions and will be repaid out of future income… COVID-19 has impacted airlines and air travel globally with Caribbean Airlines being no exception. The airline continues to manage its financial and operational situation on a short-term basis,” Tuesday’s statement noted.

The company’s Chief Financial Officer, Marina Chase, is quoted in the statement as noting that: “The first two months of 2020 were very encouraging, with load factors and overall performance for the period trending better than 2019, which itself was a strong year for Caribbean Airlines. The Airline was well poised for another great year prior to the advent of COVID-19.”

The company attributed the increased passenger numbers to several initiatives taken by the company.

“Branded fares offered more choice and greater flexibility, allowing customers to pay only for the amenities they need. These are just some of the elements that would have contributed to increased passenger demand. Additionally, new cargo interline partners expanded the airline’s network for freight shipping and handling,” the airline statement said, adding that:

“From the onset of 2020, the airline maintained a firm approach to cost management and with the technology implemented in 2019, such as the Mobile App and products like Caribbean Explorer and Caribbean Vacations, customers can more easily customise their travel. “

Notwithstanding reduction in passenger flight, the airline’s cargo services have continued to operate throughout the year.