Caribbean Airlines' revenue up 21 percent

(CNC3) – Caribbean Airlines is reporting a 21 percent increase in revenue over the last year. This follows a 7% increase in the demand on passenger revenue.

The airline issued a statement on the improvements today.

“With a revenue boost from strong passenger demand and increased cargo business together with enhanced cost management, Caribbean Airlines got off to a great start in 2018.

Today, Caribbean Airlines has reported its first quarter unaudited results for 2018 and revenues and earnings are both ahead of budget and a considerable improvement on the same period in 2017.

The overall numbers show an increase of 21% in revenue and 64% in earnings year on year.

These outstanding results are attributable to a 7% increase in demand on passenger revenue and to a larger extent revenue management initiatives and tighter control on costs, even in spite of a 14% increase in fuel prices.

Garvin Medera, Chief Executive Officer, said: “It’s been an excellent start to the year. In what has traditionally been our toughest quarter, we’ve seen increases in revenue on some of our top routes and made great strides on the development and implementation of our strategic plan.

This includes the technology improvement plan, which is focused on providing an award-winning and more enriching customer experience.

For instance, in this quarter we initiated Webchat and WhatsApp for Business to enable a personalized digital option for our customers to chat with a call center agent.”

Other highlights for the quarter:

  • Cargo has showed significant year on year growth of 21% increase in revenue and 41% on earnings.
  • Passenger revenue rose 22% year on year which was partially attributable to an increase in demand of 7%.
  • Domestic air bridge provided 265,382 seats and carried 233,098 passengers, ensuring that passengers were serviced as required with adequate capacity.

The On Time Performance (OTP) also averaged 85% within 15 minutes on the air bridge for this period.

Medera added: “This quarter’s results have taken us a step further in achieving our goal of profitability for the airline by the end of 2019. I’d like to express my appreciation to the staff at CAL. The numbers are the results of their dedication and hard work over the past few quarters to keeping us on track with our people- centered and customer focused strategy.”

A number of new products and services were announced during the quarter including.

  • Implementation of New routes to Havana and St. Vincent and the Grenadines to JFK, New York.

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