Azul reports net income of R$137.7 million in Q1

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Azul – the largest airline in Brazil by number of flights and cities served – has reported that in the first quarter of 2019 its net income reached Brazilian Real (R) $137.7 million (US$34 million).

This was a fall on the R$172.3 million in Q1 in 2018.

Operating income was R$335.6 million in Q1 this year, representing a margin of 13.2 per cent, even with the 16.3 per cent devaluation of the Brazilian real.

RASK increased 1.8 per cent in Q1 while at the same time capacity increased 16 per cent. CASK increased 4.6 per cent mostly due to the 16.3 per cent depreciation of the Brazilian real. CASK fell 2.4 per cent controlling for fuel, currency and the payroll tax.

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

Azul Cargo recorded a 41 per cent growth in revenue in Q1 this year compared to Q1 in 2018.