Grupo Aeromexico’s capacity increased 7.3% in the first quarter of 2021 while it reorganizes

AeroMexico Boeing 737-8 MAX 8 XA-MAQ (msn 43710) LAX (Michael B. Ing). Image: 953030.

AeroMexico issued this report for the first quarter 2021:

Grupo Aeromexico S.A.B. de C.V., reported its unaudited consolidated results for the first quarter 2021.

KEY FINANCIAL HIGHLIGHTS FOR THE FIRST QUARTER 2021

  • On June 30, 2020, Aeromexico announced that it and certain of its affiliates had filed voluntary Chapter 11 petitions in the United States (“Chapter 11”) to implement a financial restructuring, while continuing to serve customers. The Company intends to use the Chapter 11 process to strengthen its financial position and liquidity, protect and preserve its operations and assets and implement necessary operational changes to address the impact of the ongoing COVID-19 pandemic.
  • Grupo Aeromexico’s first quarter 2021 capacity, measured in available seat kilometers (ASKs), increased by 7.3% compared to fourth quarter 2020, primarily driven by a sequential recovery in the international market. Total ASKs for the first quarter decreased by 37.5% year-on-year due to the impact of the COVID-19 pandemic.
  • Grupo Aeromexico’s first quarter 2021 revenue reached $6.9 billion pesos, a 51.3% year-on-year decrease. During the quarter, revenue per ASK (RASK) in pesos decreased by 22.2% year-on-year.
  • EBITDAR for the period amounted to negative $398 million pesos, an improvement of $1.5 billion pesos versus fourth quarter of 2020 and a year-on-year decrease of $1.9 billion pesos. First quarter 2021 operating loss amounted to $3.4 billion pesos, an improvement of $2.9 billion pesos compared to fourth quarter 2020 and a year-on-year decrease of $1.7 billion pesos.
  • Cost per ASK (CASK) in pesos was $1.458 pesos, a 29.1% decrease compared to fourth quarter 2020 and a 4.6% year-on-year increase. CASK in dollars reached $0.072 dollars, a 27.8% decrease compared to fourth quarter 2020 and a 3.0% year-on-year increase. These results reflect efficiencies achieved after the successful implementation of initiatives aimed to reduce structural cost despite a 37.5% reduction in capacity (measured in ASKs).
  • Aeromexico’s cash position as of March 31st, 2021, amounted to $18.0 billion pesos, equivalent to approximately $881 million dollars.
  • As of March 31st, 2021, Grupo Aeromexico’s operating fleet comprised 106 aircraft.

Grupo Aeroméxico confirms that its voluntary process of financial restructuring under Chapter 11 of the legislation of the United States of America, will be carried out in an orderly manner while it continues operating and offering services to its customers with the same quality that characterizes it, contracting from its suppliers the goods and services required for its operation.

Top Copyright Photo: AeroMexico Boeing 737-8 MAX 8 XA-MAQ (msn 43710) LAX (Michael B. Ing). Image: 953030.

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