By LCN Business Desk
Caribbean Airlines has finished three years of overdue accounts. The airline said it completed its audited financial statements for 2017, 2018 and 2019, in a statement issued after its ninth annual general meeting, held on 22 September at its head office in Piarco, Trinidad. The 2020 statements are targeted for completion by the end of October 2026, and those for 2021 to 2025 are "on schedule".
"Bringing the airline's audited financial statements up to date, following an inherited nine-year backlog, is an essential part of our focus on rebuilding, growing and positioning Caribbean Airlines for lasting success," said the chairman, Reyna Kowlessar. The airline said the work sits inside a wider programme to strengthen its viability, in a global aviation market where fuel prices keep pressing on costs.
What did the last set of accounts show?
A deficit, and a warning about the accounts themselves. The airline submitted audited statements for the year ended 31 December 2016 after nearly nine years, closing that year with an accumulated deficit of TT$2.17 billion and a net loss of TT$695.4 million, audited by KPMG, ch-aviation reported.
The finance minister of Trinidad and Tobago, Davendranath Tancoo, told the House of Representatives 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", according to the same report. The last unaudited results the airline published were for the first half of 2021, when it posted a net loss of US$48 million.
| Year | Position | Status |
|---|---|---|
| 2016 | Accumulated deficit TT$2.17 billion; net loss TT$695.4 million | Audited, published after nearly nine years |
| 2017, 2018, 2019 | Not published with the announcement | Audits completed, announced 22 September 2026 |
| 2020 | Not published | Targeted for completion by end of October 2026 |
| 2021 to 2025 | Not published | Described as on schedule |
Sources: Caribbean Airlines' statement of 22 September 2026; ch-aviation for the 2016 figures and the finance minister's remarks in the House.
Who owns the airline?
Two governments. The Government of Trinidad and Tobago holds 88.1 per cent and the Government of Jamaica 11.9 per cent, a split agreed when Caribbean Airlines took over Air Jamaica in 2011. Guyana holds no shareholding.
Guyana is, however, one of its largest markets. Caribbean Airlines is listed among the carriers serving Cheddi Jagan International Airport by the airport itself, alongside American Airlines, Copa, JetBlue and interCaribbean.
How does this compare with the rest of the region?
It is the same problem Suriname has, at a different stage. Suriname pays its state airline up to US$2.2 million a month while its last approved accounts date from 2019, as La Caribeña News reported in Suriname Pays Its Airline Up to US$2.2 Million a Month.
Publication practice is moving in the region. Santo Domingo committed to publishing four years of audits, and Georgetown's own record was examined against it in Santo Domingo Will Publish Four Years of Audits. Jamaica, the airline's minority shareholder, has been managing its debt in public, reported in Jamaica Borrowed US$1 Billion to Buy Back Old Bonds.
For Guyanese travellers and shippers the airline is infrastructure rather than an investment. What that dependence looks like on the ground was reported this week in An Airline Warned Twice About Animals on the Runway.
Three years of accounts are now audited. Six more are not, and the figures in them have not been published.
What the title card shows
- 2017, 2018 and 2019: the years whose audited financial statements Caribbean Airlines says it has completed. Source: Caribbean Airlines, 22 September 2026.
- Nine years: the backlog the chairman described as inherited. Source: Caribbean Airlines.
- End of October 2026: the target for completing the 2020 audit, with 2021 to 2025 described as on schedule. Source: Caribbean Airlines.
- TT$2.17 billion: the accumulated deficit in the 2016 accounts, which carried a net loss of TT$695.4 million. Source: ch-aviation.
- 88.1 and 11.9 per cent: the shareholdings of the governments of Trinidad and Tobago and Jamaica. Guyana holds none.
Frequently Asked Questions
What did Caribbean Airlines announce?
That it has completed audited financial statements for 2017, 2018 and 2019, with the 2020 audit targeted for the end of October 2026 and the years 2021 to 2025 described as on schedule. The update was given at its ninth annual general meeting on 22 September 2026.
How large was the backlog?
The chairman described it as an inherited nine-year backlog. The 2016 accounts were submitted after nearly nine years and showed an accumulated deficit of TT$2.17 billion.
Who owns Caribbean Airlines?
The Government of Trinidad and Tobago holds 88.1 per cent and the Government of Jamaica 11.9 per cent. Guyana, one of the airline's larger markets, holds no shareholding.
Were the audited figures for 2017 to 2019 published?
The airline announced the completion of the audits. It did not publish the figures with that announcement.