Azul reports net loss of R$ 1.6 billion in the third quarter

Azul posted a net loss of BRL 1.6 billion in the third quarter of 2022, reducing losses compared to the loss of BRL 2.2 billion in the same period in 2021, the company said in a balance sheet sent to the Securities and Exchange Commission (CVM). ) this Thursday (10).

In the adjusted criteria, the airline reported a net loss of BRL 527.3 million, compared to losses of BRL 766.2 million in the same period in 2021.

Cash generation measured by earnings before interest, taxes, depreciation and amortization (Ebitda) reached R$ 925.1 million in the third quarter, up 90.5% over the same period last year. As a result, the company ended the period with an Ebitda margin of 21.1%, up 3.3 points year-on-year.

According to Azul, the result occurs even with a 138.2% increase in fuel prices, a 32.1% depreciation of the real and more than 20% inflation in Brazil in the last three years.

Azul reported record operating revenue, for the second consecutive quarter, of R$4.4 billion from July to September, up 61% over the same period in 2021. Passenger revenue reached R$4 billion, up 69, 7% in the annual comparison.

On the other hand, cargo and other revenue totaled R$302.6 million in the period, down 4.7% on the same basis of comparison.

“This performance was a direct result of the strong demand environment, which we believe will remain in the face of positive trends in economic activity and employment rates in Brazil. In addition, Brazilians seem to be benefiting from more flexible work formats, increasing the frequency of leisure travel,” said Azul CEO John Rodgerson.

He added: “Recreation demand has remained above 2019 levels for 14 consecutive months, proving to be enduring and complementing the continued recovery in corporate demand. Corporate rates have reached 150% of pre-pandemic levels, while traffic has recovered by 80%.”