Grupo Aeromexico S.A.B. de C.V. (Aeromexico) (BMV: AEROMEX) has reported second quarter 2020 capacity, measured in available seat kilometers (ASKs) decreased by 77.8% year-on-year, resulting from the impact of the COVID-19 pandemic, the company said.
During the quarter, Aeromexico recognized total one-off non-cash adjustments of MXN 20.0 billion pesos from which MXN 16.8 billion pesos impacted operating profit, mainly associated to impairment and accelerated depreciation and amortization of property and equipment and intangible assets, early redeliveries of flight equipment and deferred taxes reserve of tax loss carry forwards.
Second quarter 2020 operating loss amounted to MXN 23.4 billion pesos. EBITDAR for the period amounted to negative 5.0 billion pesos. Excluding one-off non-cash items operating loss amounted to MXN 6.6 billion pesos, while EBITDAR was negative MXN 2.7 billion pesos.
Aeromexico announced on June 30th that it and certain of its affiliates have filed voluntary Chapter 11 petitions in the United States to implement a financial restructuring, while continuing to serve customers. The Company intends to use the Chapter 11 process to strengthen its financial position and liquidity, protect and preserve its operations and assets, and implement necessary operational changes to address the impact of the ongoing COVID-19 pandemic.
Aeromexico´s cash position as of June 30th, 2020, including restricted cash, amounted to MXN 5.8 billion pesos equivalent to approximately USD 250 million dollars. Aeromexico´s cash including restricted cash to last-twelve-month revenue ratio was 11.0%. Excluding restricted cash, Aeromexico´s cash position was MXN 3.7 billion pesos, equivalent to MXN 160 million dollars.
As of June 30th, 2020, Grupo Aeromexico´s operating fleet comprised 118 aircraft excluding the six Boeing 737 MAX aircraft temporarily grounded.
Grupo Aeromexico, S.A.B. de C.V. is a holding company whose subsidiaries are engaged in commercial aviation in Mexico and the promotion of passenger loyalty programs. Aeroméxico, Mexico´s global airline, has its main operations center in Terminal 2 of the Mexico City International Airport.