Azul reports BRL 1.2bn in 2019 adjusted net income

Brazilian airline Azul S.A. (B3:AZUL4) (NYSE:AZUL) has reported recurring net income for 2019 was BRL 1.2 billion, compared to BRL 896.6 million in 2018, the company said.

Net income for the fourth quarter 2019 was BRL 436.7 million, compared to BRL 96.6 million in the fourth quarter 2018, the company said.

Financial and operating highlights include:

-Adjusted operating income was BRL 782.8 million in 4Q19, representing a record margin of 24.1%. Operating margin was 17.8% for the full year, in line with the Company´s guidance and 2.1 percentage points higher than in 2018.
-Adjusted EBITDA increased 61.8% to BRL 1.2 billion, representing a margin of 37.8% in 4Q19. For the full year, adjusted EBITDA increased 34.0% reaching BRL 3.6 billion.
-RASK increased 1.5% in 4Q19 and 3.4% in the full year compared to the same periods in 2018. Adjusted for stage-length, RASK increased 4.5% in 4Q19.
-Passenger traffic grew 31.1% on a capacity increase of 30.5% resulting in a load factor of 83.4%, 0.4 percentage points higher than in 4Q18.
-CASK decreased 6.6% in 4Q19 and increased 0.8% in 2019. Excluding the impact of the end of the payroll tax relief, CASK would have decreased 8.9% in 4Q19 and 1.9% in 2019.