NASSAU, Bahamas, Mar 15- The national airline, Bahamasair, has recorded a loss of US$11.7 million last year as compared with US$9.8 million in 2011, Deputy Prime Minister and Minister of Works and Urban Development, Philip Davis, has announced. He said that for the period July-December 2012, the airline’s revenue amounted to US$37.4 million, while expenses totalled US$49.1 million.
“The increase in net loss has been attributed mainly to challenges associated with an aged fleet of aircraft along with increases in airport and fuel charges,” Davis told legislators.
Davis said that throughout the 2012/2013-budget preparation exercise, Bahamasair had requested US$28 million in subvention funding, but that US$18.6 million had been approved.
“The budget re-forecast for Bahamasair is under review, as it is estimated that additional subvention funding in the amount of US$11.2 million will be needed to cover a shortfall of US$5.5 million from the previous year’s budget, a shortfall of US$3.9 million for operations in the current fiscal year, along with personal emolument increases resulting from the recent grant of increments to Bahamasair’s employees in accordance with the terms of agreements with the relevant unions.
“A position paper/business plan for Bahamasair has been prepared by its management and was presented to my Ministry for consideration by Cabinet with a view towards changing Bahamasair’s business model.”
Davis said however that from a financial standpoint, the airline continues to struggle and that a full financial report will be submitted soon. (2013)
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