MEXICO CITY, Feb. 21, 2012 /PRNewswire/ -- Grupo Aeromexico, S.A.B. DE C.V. (BMV: AEROMEX) (Grupo Aeromexico or the Company), the largest intercontinental airline in Mexico, today reported consolidated unaudited results for the fourth quarter and full year of 2011. The following is a summary of consolidated financial and operating information from Grupo Aeromexico's unaudited financial statements for the quarter and the full year ended December 31, 2011 and audited financial statements for the quarter and year ended December 31, 2010.
- Grupo Aeromexico reported a net income of MXP $2,081 million for the full year 2011. After excluding special items, net income reached a total of MXP $ 1,873 million, surpassing full year net income adjusted for special items of MXP $ 565 million in 2010.
- In 2011, Grupo Aeromexico achieved a record operating profit of MXP $3,429 million, which represents 27% growth year-over-year. The Company maintained an operating margin of 9.6%; the same level as that of 2010, despite the increase in fuel prices, and the global economic slowdown and financial volatility of 2011.
- These positive results were due to strong growth in passenger numbers, which then increased Grupo Aeromexico's load factor, yield and overall market share to record-high levels.
- Net income for the fourth quarter 2011 was MXP $208 million, which was lower than net income for the fourth quarter of 2010. However, a non-recurring revenue of MXP $1,289 million was recorded in the last quarter of 2010 related to deferred taxes. Excluding the aforementioned, net income for the fourth quarter 2011 was above of the recurrent net income of MXP $ 11 million of the fourth quarter 2010, despite the 40% increase in fuel cost.
- Quarterly EBITDAR was MXP $1,847 million; 21% below that of the fourth quarter 2010. Operating profit for the fourth quarter 2011 was MXP $810 million, 44% less than the fourth quarter of the previous year. These results reflect the pressure of increased fuel costs in 2011 and the exceptional traffic of the fourth quarter of 2010 due to the consolidation of the Mexican aviation industry.
- Load factor for 2011 was 78.4%; the highest yearly level in the Company's history. The quarterly load factor was 78.1%, 2.4 percent points below the fourth quarter of 2010.
- Total revenues for 2011 were MXP $35,808 million; up 28% year on year. During the quarter, total revenues increased 12% to a total of MXP $9,651 million. These results were largely due to an increase in passenger traffic and improved cargo revenues.
- Unit cost, or CASK (Cost per Available Seat Kilometer), excluding fuel costs, decreased by 3% in 2011, due to the Company's commitment to a policy of expense rationalization and improved operating efficiency. Year over year, the Company maintained the same CASK excluding fuel levels during the fourth quarter, despite exchange rate depreciation in the fourth quarter 2011.
- The Company received four Embraer 190, six Boeing 737 and one Boeing 767 aircraft throughout the year, as part of its expansion plan.
- At the end of 2011, Grupo Aeromexico's cash position was MXP $4,100 million; 209% higher than the net balance as of December 31, 2010. Therefore, net financial debt, which deducts the unrestricted cash position from financial debt, ended with a negative balance of MXP $ 921 million, decreasing from the positive balance of MXP $911 at the end of 2010.
To access the full text of this earnings release, please visit our Investor Relations website at: http://www.aeromexico.com/us/Investor/
Grupo Aeromexico will hold its Fourth Quarter and Full Year 2011 Conference Call on Wednesday, February 22, 2012 at 11:00 am U.S. ET (10:30 am Mexico City Time). The conference call can be accessed by dialing USA/International +1 (719) 325 2129, Mexico: 01 800 289 0551, passcode: 4144588
About Grupo Aeromexico
Grupo Aeromexico operates its main hub out of Terminal 2 in the Mexico City International Airport. The Group's airlines operate over 550 daily flights to different cities in Mexico, the United States, Canada, Central and South America, and Europe and Asia. Aeromexico is a founding member of SkyTeam, the global airline alliance comprised of 15 airlines.
Safe Harbor Statement
This release contains forward-looking statements regarding the Company's results and business prospects. The readers should know that the results obtained may differ from that stated on this release. Past performances do not guarantee the behavior of future performances. The Company undertakes no obligation to update any of these statements, either as a result of new information, future actions or other related events.
SOURCE Grupo Aeromexico, S.A.B. DE C.V.