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Azul Azul Q1 loss widens 60.8% YOY

Azul Azul SA said its first-quarter normalized net income amounted to a loss of 17.24 Chilean pesos per share, compared with a loss of 10.72 pesos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 629.7 million pesos, compared with a loss of 391.6 million pesos in the year-earlier period.

The normalized profit margin dropped to negative 18.9% from negative 8.0% in the year-earlier period.

Total revenue decreased 31.9% year over year to 3.34 billion pesos from 4.90 billion pesos, and total operating expenses fell 20.0% year over year to 4.44 billion pesos from 5.55 billion pesos.

Reported net income totaled a loss of 517.6 million pesos, or a loss of 14.17 pesos per share, compared to a loss of 485.6 million pesos, or a loss of 13.30 pesos per share, in the year-earlier period.

As of May 30, US$1 was equivalent to 688.21 Chilean pesos.