Caribbean Airlines Releases 2016 Financial Results After Nine Years

Caribbean Airlines (BW, Port of Spain) has finally submitted its long-delayed audited financial statements for the year ended December 31, 2016—nearly nine years after they were due, according to local media reports.

The Trinidad and Tobago state-owned carrier ended that year with an accumulated deficit of TTD 2.17 billion (approximately USD 232 million at the time, now about USD 320 million), following a net loss of TTD 695.4 million (USD 103 million). The audit was conducted by KPMG.

However, Finance Minister Davendranath Tancoo noted that “due to the length of time the audit has been ongoing, sufficient and appropriate audit evidence to support the accuracy of the carrying amounts is not available.”

Caribbean Airlines last released unaudited results in early 2021, reporting a USD 48 million loss. Former finance minister Colm Imbert later revealed subsequent results showing a USD 36 million loss in 2022, followed by operating profits of USD 24 million in 2023 and USD 12.1 million in 2024.

The airline has faced growing scrutiny over its financial transparency and leadership changes. CFO Varuna Kuarsingh was suspended in August, and CEO Garvin Medera resigned in October after eight years in charge. Caribbean Airlines’ current fleet includes ten ATR72-600s, nine Boeing 737-8s, and one Boeing 737-800.

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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com