Grupo Aeroméxico released its final report of its financial results for the second quarter of 2022. After announcing its exit from the Chapter 11 process in March, the company increased revenues by 91.5% compared to the same period of 2021. While losses narrowed by 1.815 billion Mexican pesos, it still recorded a negative balance.
According to the company’s report, all the conditions previously established in the Restructuring Plan («Plan de Reestructura»), which came into effect on March 17th, were met. «The company will continue to comply with its post-exit obligations and covenants, including the covenants under the indenture governing the exit financing», it said.
The increase in revenues was favoured by a greater dynamism in demand and the initiatives carried out to mitigate the impact of the rise in fuel prices, according to the stated in the airline’s report, sent to the Mexican Stock Exchange (BMV).
Grupo Aeroméxico’s main financial results for the second quarter of 2022 and comparison with the same period in 2021
- Revenues reached 19.175 billion Mexican pesos, representing an increase of 91.5%.
- The company’s capacity, measured in available seat kilometres (ASK), increased 56.8%.
- Revenue measured by available seat kilometres increased 22.2% year-on-year.
- Between April and June, EBITDA was 2.913 million Mexican pesos, an increase of 1.024 million from that reported in the second quarter of 2021.
- The final operating result showed a positive balance of 626 million Mexican pesos. The figure represents an increase of 1.840 million.
- The cost per seat available per kilometre (CASK) was 0.045 dollars. Thus, it was 23% lower compared to what was recorded between April and June 2021. According to Aeroméxico, the reduction «shows the efficiency the company has achieved in its structural cost».
- The cash balance at the end of the quarter stood at 17.786 billion Mexican pesos, approximately 883 million dollars. Excluding restricted cash, the figure was 17.015 million pesos, equivalent to about 845 million dollars.
- The company reported a net loss of 947.9 million Mexican pesos, a positive differential of 1.851 million compared to the second quarter of the previous year.
- Total fuel expenses amounted to 8.351 million Mexican pesos. The figure represents an increase of 204.2%. The average fuel price was 22.17 Mexican pesos per litre during the second quarter. Compared to the same period in 2021, it grew by 45.4%.
- Workforce expense increased 26.1%, mainly due to the sharp growth in the number of operations. Traffic and ground handling expenses increased 61.4%. However, maintenance expenses decreased 14.9%.
- Grupo Aeroméxico carried 5.551.000 passengers, up 41.6% compared to the same period in 2021.
Fleet of Aeroméxico
- During the second quarter of 2022, it added six new Boeing 737 MAX aircraft.
- As reported by the company, Grupo Aeroméxico’s operating fleet consisted of 140 aircraft as of Jone 30th, 22 more than at the same date in 2021.
- The average age of the fleet is 7.7 years.
- Currently, Aeroméxico operates 98 aircraft (18 Boeing 787 Dreamliner, one B737-700, 36 B737-800, 31 B737 MAX-9 and 12 B737 MAX-8). Aeroméxico Connect’s fleet consists of 42 operational Embraer 190.
See also: Volaris reports a net loss of USD 49 million during the second quarter
