Azul reports its Q1 2019 financial results

Darren Wood
By Darren Wood May 13, 2019 16:11

Azul reports its Q1 2019 financial results

Brazilian carrier Azul has reported its operating income was R$335.6 million (approximately $84.8 million) in its first quarter 2019 results, representing a margin of 13.2%, even with the 16.3% devaluation of the Brazilian real and the end of the 20% payroll tax relief program.

The group’s net income for the first three months of 2019 totalled R$137.7 million compared to a net income of R$172.3 million in 2018.

On a stage-length adjusted basis, RASK increased 1.8% in Q1 2019, while at the same time capacity increased 16.0%

Meanwhile, CASK increased 4.6% mostly due to the 16.3% depreciation of the Brazilian real and the end of the 20% payroll tax relief in the first three months of 2019. CASK decreased 2.4% controlling for fuel, currency and the payroll tax.

Azul’s operating fleet totalled 125 aircraft at the end of the quarter, including 24 next-generation A320neo aircraft, which represented 34% of total capacity.

Its cargo division recorded a 41% growth in revenue in Q1 2019 compared the same period last year.

Darren Wood
By Darren Wood May 13, 2019 16:11