The chairman of Caribbean Airlines Ltd (CAL) said Monday the airlines made a profit of $200 million for this year and boasted that CAL will be putting money into the treasury.
George Nicholas made the comments as he took delivery of the first of CAL's new ATR prop jet planes.
"We will close a profit of $200 million this year, even with reduced fares and increased flights. Accordingly we are able to put millions into the treasury," he said.
Nicholas added that Air Jamaica, who is 85 per cent owned by CAL, also made its first ever consecutive profit in its 50-year history.
"We know that some of our regional neighbours pay for flights to and from their country and also give our competitors subsidies, in addition to fuel hedges which amount to more than the fuel subsidy which we receive," he said.
"As to our subsidy, there are some months when we have used it and other months when we repaid it several times over," he said.
With respect to the new planes Nicholas said the full cost will be borne by the airline from its internal cash flow. He said these new planes will help foster "much improved regional integration".
Nicholas also spoke of the future, with plans to fly to Mumbai, India and Johannesburg, South Africa early next year and Nigeria, Brazil and another possible two US destinations.
Although Nicholas had objected to the purchase of the ATR planes in preference to planes from the Canadian manufacturer, Bombardier, he said he is now pleased to be involved with an airline that owns "the kind of aircraft that we are proud to own".
Nicholas said the new 68-seater plane will begin flights to Tobago in two weeks. The other eight planes will be delivered over the next few months, he said.
"We know that some of our regional neighbours pay for flights to and from their country and also give our competitors subsidies, in addition to fuel hedges which amount to more than the fuel subsidy which we receive," he said.
"As to our subsidy, there are some months when we have used it and other months when we repaid it several times over," he said.
With respect to the new planes Nicholas said the full cost will be borne by the airline from its internal cash flow. He said these new planes will help foster "much improved regional integration".
Nicholas also spoke of the future, with plans to fly to Mumbai, India and Johannesburg, South Africa early next year and Nigeria, Brazil and another possible two US destinations.
Although Nicholas had objected to the purchase of the ATR planes in preference to planes from the Canadian manufacturer, Bombardier, he said he is now pleased to be involved with an airline that owns "the kind of aircraft that we are proud to own".
Nicholas said the new 68-seater plane will begin flights to Tobago in two weeks. The other eight planes will be delivered over the next few months, he said.
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