David Neeleman, chief executive of Azul Linhas Aéreas Brasileiras, has confirmed that the airline is focusing on cutting debt after its recent successful $644 million initial public offering. The carrier will also look to rebalance its fleet to add more capacity to long-haul flights.
For the first quarter of 2017, Azul reported a profit of 55.3 million reais ($17.8 million) compared to a loss of 66.9 million reais in the first quarter of 2016.
The airline intends to gradually continue reducing its most expensive borrowing while keeping some cash available. Azul’s total debt is approximately 3.7 billion reais. “Every real of profit we make will be used to pay off debt,” Neeleman said.Date: May 17, 2017