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Pandemic hits Caribbean Airlines hard

Regional 01 Mar, 2021 Follow News

Caribbean Airlines has lost millions in the past year

Trinidad and Tobago State-owned Caribbean Airlines (CAL) has recorded an operating loss of TT$738 million (KY$90.6m) for the year ending December 2020.

The airline announced its unaudited financial results last week, attributing the loss to the impact of the global COVID-19 pandemic.

The operating figure was earnings before interest and taxes on revenue of TT$802m (KY$98.5m). “This is in stark comparison to 2019, which saw a positive EBIT of TT$76m (KY$9.3m) on revenue of TT$3bn (KY$377m) for the 12-month period,” a CAL spokesman said.

Last October, CAL announced temporary furloughs and salary cuts for staff members and negotiated a KY$60m government-guaranteed loan to keep operations on track.

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