PIARCO, Trinidad and Tobago – Caribbean Ailines CEO, Philip Saunders responds to statements made in the national media regarding Caribbean Airlines.
There are several points which we wish to clarify, Caribbean Airlines has made great progress in financial terms since its launch. In 2007, our financial statements illustrate that Caribbean Airlines exceeded our business plan objectives with a profit of USD $6.9 million before formation, structuring and transition costs. In 2008, we committed to delivering a break even position and in fact, achieved a net profit on a fully consolidated basis.
At present, the airline industry is facing the most challenging times in recent history and Caribbean Airlines has not been exempt from these negative effects. As a result, we are working hard to ensure that the company is able to return a profit for 2009 and shall continue to focus on growing passenger numbers, maximizing revenues and rigorously addressing our cost base.
On the basis of our highly competitive fares, industry-leading on-time performance and outstanding full service product, we are confident that we shall continue to build customer loyalty. We provided service for 1,642,998 customers in 2008 – compared to 849,298 in 2007 – and are well on the way to achieving our highest passenger numbers to date in 2009. It should also be pointed out that, inclusive of the London route, BWIA transported 1,198,396 passengers in 2004, 1,101,602 in 2005 and 961,311 in 2006. It is clear that Caribbean Airlines has become the carrier of choice to, from and within the Caribbean.
Our airline must continue on a path that makes economic sense if it is to function as a sustainable and profitable company. Given the current climate where even industry leaders such as Delta Airlines and British Airways are seriously challenged, we must ensure that all decisions – including any potential service to London – are accompanied by robust business cases which apply to our economic model.
Chief Executive Officer
