Wednesday, July 29, 2020

Aeroméxico records a net loss of 27.4 billion pesos in Q2 2020

According to the quarterly report sent to the Mexican Stock Exchange, the airline recognized extraordinary items, which did not represent cash outflows, for 20 billion pesos. Aeroméxico registered on Tuesday a consolidated net loss of 27 thousand 422 million pesos during the April-June period, at the end of which the airline decided to stick to chapter 11 of the United States Bankruptcy Law to carry out a restructuring of its finances.

According to the quarterly report sent to the Mexican Stock Exchange, the airline recognized extraordinary items, which did not represent cash outflows, for 20 billion pesos, this due to the acceleration of the cost for early returns of flight equipment, thus as adjustments for impairment of assets. The week before, a judge from the Southern District Court of New York authorized the airline led by Andrés Conesa to return or terminate the leases of 19 aircraft and 4 engines early, which reduced the total fleet by 15.4 percent. of the company.

In the second quarter of the year, the ‘eagle knight’ airline reported a drop in revenue of 84.5 percent compared to the same period last year. In addition, the negative operating flow (EBITDA) was 5,19 million pesos.

Source: El Financiero

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