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Aeromexico reports Q2 2017 results.


Grupo Aeromexico S.A.B. de C.V. ("Aeromexico") (BMV: AEROMEX), has reported its unaudited consolidated results for the second quarter 2017 (2Q17), the company said.

Grupo Aeromexico's second quarter 2017 revenue reached USD 14.5 billion pesos, a 17.5% year on-year increase. During the quarter Revenue per ASK (RASK) increased by 4.5% compared to the same period of 2016.

CASK in pesos increased by 4.4%, year-on-year, while CASK in dollars increased 1.9%. CASK excluding fuel in pesos increased by 2.0%, year-on-year, while CASK excluding fuel in dollars decreased 0.3%, which is a reflection of Grupo Aeromexico's ongoing focus on optimizing unit costs.

Grupo Aeromexico reported an operating profit of USD 461 million pesos, a 19.6% year-on-year increase, with an operating margin of 3.2%, representing a margin improvement compared to last year despite the negative impact of an 18.0% increase in fuel prices and a 2.4% depreciation of the Mexican peso against the US dollar. This result represents the 29th consecutive quarter of positive EBIT results.

Second quarter EBITDAR reached USD 3.3 billion pesos, a 14.6% year-on-year increase. EBITDAR margin amounted to 23.0%.

Aeromexico reported a net loss of USD 528 million pesos for the second quarter 2017. During the quarter the company registered a negative foreign exchange impact of USD 954 million pesos as the Mexican peso appreciated against the US dollar.

Grupo Aeromexico's revenue reached USD 28.7 billion pesos for the first half of 2017, a 17.5% increase compared to the same period of 2016. EBITDAR reached USD 6.9 billion pesos, a 15.5% increase year-on-year.

During the first half of 2017, Grupo Aeromexico reported operating profit of USD 1.0 billion pesos with an operating margin of 3.5%.

Second quarter 2017 cash flow generation remained strong with USD 2.3 billion pesos in incremental net cash flow generated from operating activities. Aeromexico's cash position as of June 30, 2017 was USD 8.7 billion pesos. This brings Grupo Aeromexico's cash to last-twelve-month revenue ratio to 14.9%.

During the quarter, the company incorporated four aircraft into its fleet under operating lease agreements. As of June 30, 2017 Grupo Aeromexico's operating fleet comprised 125 aircraft.

All figures are expressed in millions of pesos unless otherwise indicated. Grupo Aeromexico's financial statements are prepared in accordance with International Financial Reporting Standards (IFRS).

Grupo Aeromexico, S.A.B. de C.V. is a holding company whose subsidiaries are engaged in commercial aviation in Mexico and the promotion of passenger loyalty programs. Aeromexico, Mexico's global airline, operates more than 600 daily flights and its main hub is in Terminal 2 at the Mexico City International Airport. Its destinations network features more than 80 cities on three continents, including 45 destinations in Mexico, 18 in the United States, 15 in Latin America, 4 in Canada, 4 in Europe, and 3 in Asia.

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Title Annotation:Aerovias de Mexico S.A. de C.V
Publication:Airline Industry Information
Article Type:Financial report
Date:Jul 20, 2017
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