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Monday, March 27, 2023

Aeroméxico Reported Its First Positive Quarter Results since the Pandemic Began

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Aeroméxico announced the start of a voluntary financial restructuring process under Chapter 11 of US legislation on June 30, 2020, while continuing to operate as a going concern and providing services to its clients of the same high quality that it is known for.

Despite this corporate decision, the Mexican flag carrier has been able to improve its financial condition, defend and preserve its operations and assets, and make the required operational adjustments to overcome the COVID-19 pandemic’s issue.

According to financial information submitted to the Mexican Stock Exchange by the airline, revenues for the third quarter of 2021 were $655 million, up 32.2 percent from the second quarter of 2021 and 27.9 percent lower than revenues for the same period in 2019.

Aeroméxico’s capacity climbed by 24.8 percent in the second quarter of 2021, owing to a sequential improvement in the domestic and foreign markets.

Due to the detrimental impact of the global COVID-19 pandemic, capacity declined by 26.9% in the third quarter of 2019.

Revenue per ASK climbed 5.9% year over year in the second quarter of 2021, but down 1.3 percent year over year in 2019.

The third quarter of 2021 saw an EBITDA of $180 million, an increase of $87 million over the second quarter and a decline of $35 million over the third quarter of 2019.

Aeromexico earned $16 million in operating income in the first quarter since the global pandemic began.

This significant result marks a $76 million improvement over the second quarter of 2021, as part of the Mexican carrier’s financial restructuring effort.

The cost per ASK was $67, representing a 7.9% drop from the second quarter of 2021 and a 4.0 percent increase from the third quarter of 2019.

The variation is mostly attributable to a 0.8 percent increase in fuel prices and a 26.7 percent drop in incapacity.

In US dollars, the cost per ASK was $0.068, representing a decrease of 6.8% compared to the second quarter of 2021 and a 1.5 percent increase compared to the same time in 2019.

The cash balance was $930 million as of September 30. Cash was $873 million dollars, excluding restricted cash.

The net cash flow from operating activities was positive by $60 million for the quarter, making it two quarters in a row with positive operating generation.

The active fleet of Aeroméxico now stands at 122 aircraft, up 3.4 percent from the previous quarter.

Aeroméxico has successfully managed its network of destinations, generating positive cash flows as a result of its operations.

The Mexican carrier continued to enjoy a resurgence in travel demand in the third quarter, aided by the expansion of its national and international network.

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