Bahamasair’s net loss nearly doubled in the 2009/2010 fiscal year to almost $24 million as compared to the net loss recorded the previous fiscal year, according to the airline’s latest annual report.
The 2009/2010 Bahamasair report was tabled yesterday in the House of Assembly by Minister of Public Works and Transport Neko Grant.
The total net loss for Bahamasair in 2009/2010 was $23.6 million as compared to the $12.99 million loss Bahamasair recorded the previous fiscal year.
As a result of the large loss Deloitte and Touche, the auditing firm responsible for the report, expressed concern about the Bahamasair’s future.
Bahamasair has been a burden on the Public Treasury for years. According to the report, Bahamasair has incurred an accumulated deficit of $473 million since it was incorporated in 1973. Bahamasair has not had a profitable year since it was created.
The report further revealed that Bahamasair’s total income decreased significantly over the period in question.
It fell to $59.59 million in 2009/2010 from the $78.8 million recorded in 2008/2009.
Total expenses at the airline moderately decreased from $91.54 million in 2008/2009 to $85.1 million in 2009/2010.
