The Trinidad-owned Caribbean Airlines (CAL) has recorded losses estimated at US$60 million last year, Finance Minister Larry Howai has said.
Minister Howai, speaking in the Senate on Tuesday, said that the accounts for fiscal year ending December 31, 2014 were still being compiled but that the losses took into account the US$38 million grant provided by the government during 2014 which was recorded as equity.
But Howai told legislators that the unaudited accounts showed a loss of US$60 million and that the airline had developed a strategy plan which envisaged it breaking even by 2017.
Howai said the transformation of CAL would take three to four years following a consistent company strategy to achieve identified objectives with major milestones targeted during this period. He said this strategy plan was recently developed and completed towards the end of last year.
Howai dismissed reports that there had been an injection of more than one billion dollars (One TT dollar=US$0.16 cents) into the airline last year.
Last July, CAL announced that it was projecting a loss of just under TT$100million for its financial year 2013.
Howai said then that the airline has been enduring a difficult period but may now be emerging from it.
According to its financial statements for 2012, the airline, which a few years ago merged its operations with the cash-strapped Air Jamaica, registered losses that moved from US$43.6 million in 2011 to US$83.7 million in 2012.
Source: Jamaica Observer