Volaris posts $73 million 1Q net loss

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Volaris posts $73 million 1Q net loss

Postby Greg on Fri Apr 21, 2017 7:01 am

Mexican ultra-low-cost carrier (ULCC) Volaris reported a MXP1.4 billion ($72.7 million) net loss for the first quarter of 2017, reversed from a MXP602 million net profit in the year-ago quarter.

Volaris CEO Enrique Beltranena said the company “faced a challenging market and geopolitical environment” during the quarter.

Fuel prices increased significantly compared to a year ago, Volaris reported, with the company’s average economic fuel cost per gallon rising 67.8% year-over-year (YOY) to MXP37.1 ($2) per gallon, versus MXP22.1 per gallon in 1Q2016. Volaris hedged 52% of its first-quarter 2017 fuel consumption, at an average strike price of $1.64 per gallon.

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