Trinidad's finance minister has appointed a new interim board to oversee Caribbean Airlines after announcing that the state-owned company posted losses of more than $70 million.

Larry Howai says the board has three months to review the airline's finances and make recommendations on how to generate more revenue. He told reporters Friday that a $40 million fuel subsidy would end in 2015.

The beleaguered airline had seen several leadership changes and employee layoffs in recent years as part of a restructuring.

Caribbean Airlines serves the region and also flies to New York, Florida, Philadelphia and Canada.