In a response to a question from PNM Senator Lester Henry, Howai said the accounts for fiscal year ending December 31, 2014 were not yet completed.
He said the figure took into consideration the grant of US$38 million made by Government during 2014 which was recorded as equity.
However, he said the unaudited accounts showed a loss of US$60 million. He said the company had developed a strategy plan which envisaged it breaking even by 2017.
Howai said the transformation of CAL would take three to four years following a consistent company strategy to achieve identified objectives with major milestones targeted during this period.
He said this strategy plan was recently developed and completed towards the end of last year.
Asked by PNM Senator Stuart Young whether this US$38 million was the only grant or injection into CAL in the last year, Howai said this was the only one he was seeing on the accounts.
He said there was no injection of over $1 billion into the State-owned airline last year, in response to a question in the Senate yesterday.