Caribbean Airlines sells two ATR 72-600s amid audit catch-up

Caribbean Airlines has sold two of its ATR 72-600 turboprops, with one already handed over to its buyer, the Trinidad and Tobago-based carrier said. The sales form part of what the airline describes as a fleet-optimisation strategy.

At the same time, the state-owned operator is clearing a backlog of unaudited accounts stretching back about nine years. Audits for the 2017, 2018 and 2019 financial years are now finished. The carrier aims to wrap up the 2020 statement by the end of October, and says work on the 2021 to 2025 financial years remains on schedule.

Its chair, Reyna Kowlessar, called the completion of the first three years a major milestone in the board's oversight, and said bringing the statements up to date after inheriting the nine-year backlog is central to the airline's effort to rebuild and grow. She said the focus is on building a stronger organisation that can expand responsibly, run a reliable service and reach long-term operational and financial goals.

Caribbean Airlines said the auditing work is taking place in a difficult global aviation market, with high fuel prices putting significant pressure on operating costs. To handle that pressure, the carrier said it will keep reviewing its network so that routes match market demand and commercial realities.

The airline changed chief executives late last year, a period that also saw its chief financial and commercial officers leave.