For a second year in a row, Caribbean Airlines Ltd (CAL) has reported an operating loss of more than $300 million.

In a release on Thursday summarising the airline’s unaudited financial reports, CAL reported an operational loss of $326.6 million (US$48 million) for the first half of 2021. The airline’s performance was consistent with the same period in 2020, when it recorded a loss of $331 million (US$48.7 million).

“In a year when the airline and travel industry were pulverised by the covid19 pandemic CAL’s unaudited  financial results for the six months ended June 2021 reflected the depressed market conditions,” CAL said.

Total revenue for the first six months of the year was $264 million (US$39 million), a 54 per cent decline from the previous year. CAL said there was a 44.8 per cent drop in passenger numbers as a result of the pandemic.

“To cushion the impact of the dramatic decrease in passenger traffic and consequent revenue collapse, Caribbean Airlines offered cargo charters using its passenger planes and operated repatriation and other special services on request from regional governments. The airline also took the proactive decision to adjust its planned strategy in response to managing the impact of the pandemic,” CAL said.

The airline's financial statement comes as amid its retrenchment of 280 staff and 99 employees on temporary layoff.

It said 2020 was the worst year ever for aviation, recording the largest decline in air passenger numbers, and 2021 was expected to be no different.

At the crisis’ worst point, 66 per cent of the world’s transport fleet was grounded and losses worldwide were calculated at over US$370 billion.