Knutsford Express Services Limited revenues for the first quarter ended August 3, fell by 62.5 per cent to J$121 million down from J$324 million for the similar period in 2019.
Management said this was brought on by a reduction in the frequency of trips due to restrictions and curfew hours implemented under the COVID-19 pandemic.
The company, which started operations at Drax Hall in St Ann, sustained a loss of $25.1 million for the quarter ended August, compared to profit of J$47.7 million in first quarter 2019.
Total assets also declined over the comparative period also fell by five per cent to 1.08 billion, down from J$1.135 billion.
Commenting on the quarter ended, management said, “This quarter was the worst in our history directly resulting from the COVID pandemic. Our swift and decisive decisions significantly reduced the drain on cash resources, placing us on the path to return to profitability.”
Following the onset of COVID-19, the company swiftly closed down its Kingston operation and suspended passenger traffic for a while.
Management said that, given the seriousness of the threat of the pandemic to its customer base, sustained business activity was the result of measures adopted in adherence to best practices and in accordance with government protocols.
“Coaches are routinely sanitised, equipped with air purifiers and all customers and staff are screened for COVID-19 symptoms and the wearing of masks is mandatory,” it was stated.
They added, “We are encouraged by the use of our online reservation and booking systems. More inquiries and transactions are being done through our website’s chat box and mobile app, encouraging us further to invest in improving our automated customer service platforms for increased efficiencies.”