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Aeroméxico Reports Its First COVID-19-era Positive Quarter Results
On June 30, 2020, Aeroméxico announced the beginning of a voluntary financial restructuring process under Chapter 11 of the legislation of the U.S., which has been carried out while continuing to operate as a going concern and offering services to its clients with the same quality that characterizes it.
Despite this business decision, the Mexican flag carrier has known how to strengthen its financial position, as well as protect and preserve its operations and assets, as well as implement the necessary operational adjustments to overcome the crisis caused by the COVID-19 pandemic.
According to the financial information presented by the airline to the Mexican Stock Exchange, during the 2021 third quarter, Aeroméxico’s revenues were $655 million, an increase of 32.2% compared to the second quarter of 2021 and 27.9% below the revenues recorded in the same period of 2019.
Aeroméxico’s capacity, measured in Available Seat Kilometers (ASKs), increased 24.8% compared to the second quarter of 2021, mainly as a result of the sequential recovery in the domestic and international markets.
Compared to the third quarter of 2019, capacity decreased 26.9% derived from the negative impact of the global COVID-19 pandemic.
Revenue per ASK increased 5.9% compared to the second quarter of 2021 and decreased 1.3% against 2019.
The EBITDA registered during the third quarter of 2021 was $180 million, which represents an improvement of $87 million compared to the second quarter of 2021 and a decrease of $35 million compared to the third quarter of 2019.
Aeromexico recorded an operating income of $16 million, which represents the first quarter with operating income since the global pandemic began.
This important achievement, within the framework of the Mexican carrier’s financial restructuring process, represents an improvement of $76 million compared to the second quarter of 2021.
The cost per ASK was $67, which represented a decrease of 7.9% compared to the second quarter of 2021 and an increase equivalent to 4.0% compared to the third quarter of 2019.
The variation is mainly due to the increase in fuel costs of 0.8% and the reduction in the capacity of 26.9%.
The cost per ASK in U.S. dollars was $0.068, which represents a decrease of 6.8% compared to the second quarter of 2021 and an increase equivalent to 1.5% compared to the same period in 2019.
As of September 30, the cash balance was $930 million. Excluding restricted cash, cash was $873 million dollars.
During the quarter, the net cash flow from operating activities was positive by $60 million, accumulating two consecutive quarters with positive operating generation.
Aeroméxico’s active fleet is currently 122 aircraft, which represented an increase of 3.4% compared to the previous quarter.
Aeroméxico has successfully managed its network of destinations, ensuring that its operations generate positive cash flows.
During the third quarter, the Mexican carrier continued to see a recovery in travel demand, supported by the strengthening of its national and international network.
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