ST.JOHN'S, Antigua (CARIBUPDATE/OCT 20, 2016) - Regional airline LIAT is expected to record EC$9.2 million (BDS$6.8 million) in losses at the end of this year.
Chairman of LIAT’s shareholder governments, Dr Ralph Gonsalves made the disclosure at a media conference yesterday, following a closed- door meeting at the Lloyd Erskine Sandiford Centre.
The airline’s budgeted total revenue for 2016 was EC$318.8 million (BDS $236.8 million). Dr Gonsalves said for the current financial year, the cash-strapped carrier made a net profit of EC $5 million(BDS $3.7 million) up to August.
Dr Gonsalves said shareholders were now considering a request to provide an additional EC $5 million for the airline. Once approved, he said it would be divided between Barbados, St Vincent and the Grenadines, and Antigua & Barbuda.
During the media conference, he outlined planned reforms for the struggling airline, including the cutting of some “nonperforming” routes, customer service improvements and customer training.
The chairman also disclosed that current shareholder governments have asked three other regional governments to become “partners” in the airline – St Lucia, St Kitts and Nevis and Grenada.