CAL sees increase in revenue for first quarter 2018
Caribbean Airlines is boasting an increase in revenue in the first quarter of 2018.
A release from the airline said it has reported its unaudited first-quarter 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 percent in revenue and 64 percent in earnings year on year. The airline said the results are attributable to a seven percent 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 percent increase in fuel prices.
"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 in 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 personalised digital option for our customers to chat with a call centre agent," said Garvin Medera, Chief Executive Officer.
Other highlights for the quarter:
- Cargo has showed significant year on year growth of 21 percent increase in revenue and 41 percent on earnings.
- Passenger revenue rose 22 percent year on year which was partially attributable to an increase in demand of seven percent.
- 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 percent 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-centred and customer-focused strategy."