Business
Caribbean Airlines to drop Air Jamaica brand
Sunday, July 15, 2012
Caribbean Airlines’ investments which approximate US$149 million, have had to be liquidated to address the costly operations of Air Jamaica.
The business plan for the Air Jamaica operations for the months of May to December 2010 forecast a profit of US$4.6 million and $16 million for 2011. However, data obtained show the actual performance for the Air Jamaica operation from May to December 2010 was a loss of US$21 million “for various reasons” and US$38 million for 2011.
The government of Jamaica owns 16 percent of Caribbean Airlines, following the consummation of a shareholders agreement which was signed on May 26, 2011.
Continue Reading