AeroMexico (Grupo Aeromexico) (Mexico City) reported its second best first quarter despite a 24% increase in fuel prices. The company reported a net profit of $10.4 million.
The company issued the following statement:
“Grupo Aeromexico, S.A.B. de C.V., the largest intercontinental airline in Mexico, today reported consolidated unaudited results for the first quarter 2012.
Grupo Aeromexico reported its second best first quarter despite a 24% increase in fuel prices.
Revenues reached a record high of MXP $9,228 million with 17% year over year growth, driven by strong passenger traffic and an increasing load factor.
EBITDAR reached MXP $1,484 million pesos with a margin of 16.1%, the second highest level in the Company’s history despite a significant fuel price increase.
Quarterly operating profit was MXP $452 million with an operating margin of 4.9%; the second best result for a March quarter in the Company’s history. Net income for the first quarter was MXP $135 million, with a net margin of 1.5%.
As part of its expansion plan, the Company increased its fleet by two Embraer 190 aircraft with benefit of its BNDES credit line and also returned one Embraer 145.
Grupo Aeromexico’s cash position was MXP $3,609 million at the end of March 2012; MXP $2,285 million greater than that of March 31, 2011. During the quarter, the Company made payments of approximately USD $50 million, related to its airplane acquisition program, the expansion of the overnight platform in Mexico City, and made payments in excess of USD $10 million for the amortization of financial debt not related to aircraft acquisition. Net financial debt, which deducts the unrestricted cash position from financial debt, ended in a negative balance of MXP $42 million. Stockholders’ equity was MXP $5,412 million as of March 31, 2012.
The Company adopted the International Financial Reporting Standards (IFRS) on January 1, 2012 and made accounting changes related to its cargo business unit.
Copyright Photo: Marcelo F. De Biasi.
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