GAIA Inc. Grapples with $35.6 Million Deficit Amidst Ongoing Pandemic Turbulence | Financial Update 2024
December 12, 2024
Government-owned GAIA Inc. faces a $35.6 million deficit due to ongoing financial challenges from COVID-19. Despite this, the company shows progress with a marginal profit in the latest financial year.
Lingering financial turbulence caused by the COVID-19 pandemic has left the Government-owned company which operates the Grantley Adams International Airport (GAIA) grappling with a $35.6 million accumulated deficit.
This development, which is detailed in GAIA Inc.’s financial statements for the year ended March 31, 2024, comes as the company says it is “making steady progress toward its return to profitability and positive cash flows from operations”.
It is reporting a “marginal profit of $245 435” for the last financial year compared with a near $5.2 million loss in 2023.
GAIA Inc. said since March 31, 2020 “the consequences of COVID-19 have materially and adversely affected the operations of the company . . . and had an accumulated deficit position as at 31, March 2024 of $35 654 993 [versus] 2023’s $35 900 429).” (SC)
