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Caribbean carrier BWIA projects US$50 million loss in final year of service

Caribbean carrier BWIA projects US$50 million loss in final year of service

Caribbean airline BWIA, which will shut down this weekend after 66 years in service, expects to suffer US$50 million (euro38 million) in losses for 2006, a spokeswoman said Friday.
The carrier's board of directors on Thursday gave final authorization for the transfer of its six Boeing 737-800's to Caribbean Airlines, which will replace the struggling airline on Jan. 1.
The company reported at its annual meeting that it lost US$26.9 million (euro20.4 million) in 2005 and it is projected to lose more than twice that amount this year, spokeswoman Dionne Ligoure said.
Trinidad's government, which holds more than 97 percent of BWIA's shares, approved a capital injection of US$250 million (euro190 million) for the creation of the new carrier. Caribbean Airlines will provide regional air transport within the Caribbean and to major international cities.
BWIA, which laid off about 600 workers in 2003 in an attempt to recover, currently employs about 1,800 people. Caribbean Airlines will employ 500 to 700 people, Ligoure said.
The airline has said it will offer separation packages to eligible employees and help them find other jobs.


Updated : 2021-04-13 04:21 GMT+08:00