Aeroméxico managed to make a profit for the first time since the COVID-19 pandemic began, but the costs of its restructuring under Chapter 11 took their toll at the end of 2021.
During the fourth quarter, the airline recorded revenues of 15,364 million pesos (mdp) – 10.8% below sales for the same period in 2019 –, with a net profit of 815 mdp and a profit before financial income, taxes, depreciation, amortization and rents (EBITDAR) of 5,022 million pesos.
But when discounting the restructuring expenses –of 10,576 million pesos–, the company closed the year with a net loss of 9,547 million pesos and an EBITDAR of -6,495 million pesos.
According to the report sent to the Mexican Stock Exchange (BMV), the restructuring expenses were mainly due to provisions for the recognition of claims for 10,925 million pesos from different creditors of the company, which “for the most part will not represent outflows of cash”, according to the exit plan under Chapter 11, to be carried out during the first quarter of 2022.
“Among the main claims are creditors of fleet leases, financing and union agreements,” says Aeroméxico in its financial report.
The airline achieved an operating profit of 1,532 million pesos excluding restructuring costs and non-recurring items, a decrease of 216 million pesos compared to 2019.
Regarding the aircraft in operation, the company’s fleet was 133 aircraft at the end of the year, which exceeded the amount of equipment in 2019, when it operated 131 aircraft. The airline removed E-170 aircraft from operations and reduced flights on board the 737-700 and 737-800; instead, it incorporated 21 737-MAX 8 and 9 aircraft a year after the aeronautical authorities authorized its return to operations.
During 2021, the company served 16.3 million passengers -slightly below the 16.8 projected in its restructuring plan for 2021-, with a load factor of 77%, two percentage points higher than expected.
