“Hot meals return to Caribbean Airlines' economy cabin”
One would think this headline would make me happy but it does not, it actually burns my britches. The article made it a point to note that while other global carriers are cutting costs to aid profitability, CAL has no such constraint (I’m paraphrasing). Of course I’m sure people would welcome getting half a handful of rice, three corn kernels and a piece of boiled plantain like long time. However…as a citizen and taxpayer I am technically a shareholder and I’d like to see a return on my investment.
A few months ago there was another story that said that after making an operating loss of US$36 million in 2022, CAL generated an operating profit of US$24 million in 2023, “minus debt servicing”. Now as a financial analyst those last three words are more interesting to me than why allyuh obsessed with the local Dennis the Menace, this Ezekiel character. While I’m glad for the creator and wish him the best, I find nothing amusing about badly behaved children. Them and their parents need licks.
Anyway, doh let nobody fool allyuh with semantics, operating profit is not net profit. Also, for those that aren’t aware, in January 2024 at the Public Accounts Committee meeting, senior Airport Authority of Trinidad and Tobago (AATT) officials confirmed that Cabinet had agreed to write-off the TT$205 million in debt that the airline had incurred during the period 2007 to 2019 and that CAL still owed it over TT$30 million.
Guess whose money that debt that was written off is? Money that coulda go to schools, roads, farming zaboca, painting the white lines on the highways…but nah, we just say…”well doh bother nah, is ok, we good, keep sponsoring everything and having gyal in costume on the planes and in Piarco”.
So, you writing off debt and you still in debt but you giving away free food on plane and buying new uniforms? Someone told me that people will pay more for airline tickets if they know they’re getting free food. So let me get this straight, you getting support from our taxes, we write-off debt you owe we (AATT is we too), you still owing we, but it’s ok because you go charge us more to fly under the enticement of free food?? Nah man…my ex-gf mom’s was correct when speaking about her daughter, she told me “if you make yourself a jackass there will always be someone there to ride you”.
Let’s just say I buy the “if we build it they will come” argument, I’d like to see the numbers. It would be nice to peruse CAL’s financial statements to see how the company is generating income, managing costs, servicing debt etc but unfortunately CAL hasn’t published audited financials since 2015. Yeah…imagine a state enterprise, receiving significant support from taxpayers and not even a P&L, double entry ledger, excel spreadsheet or copy book page available to the public. Even more crazy is management announced that “the airline finalised and obtained approval for its 2023 to 2027 strategic plan, focusing on five pillars: people, process, growth, customers and finance”…..and the public ain’t see allyuh accounts since before Kes win a road march??
So instead of publishing financials you out here telling the public about your new uniforms and hot meals. I mean, doh get meh wrong, the staff looking great and the color scheme much better than the one Stevie Wonder picked out for them previously but jah!
All I’m saying is that organizations that are called “State Enterprises” need focus more on the enterprise part and less on the state part. These are businesses not charities or non-profits.
TANA