AAirlines

Aeromexico registered losses of MXN 2,882 million in the third quarter.

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Grupo Aeroméxico recorded a loss in the third quarter of MXN 2.882 million (about US$136 million) due to the continued impact of the covid-19 pandemic on air travel. The airline reported a profit of MxN64.8 million for the same period last year.

See also: Aeroméxico will reactivate in October flights to several countries in Central and South America.

Aeromexico filed for Chapter 11 bankruptcy protection in the US in June, as the outbreak reduced demand. The airline obtained court approval earlier this month to access a $1 billion bankruptcy loan from Apollo Global Management Inc.

See also: Mexico: More than half of the foreign airlines have not returned after the pandemic.

“The company will use the advantages of Chapter 11 to strengthen its financial position and liquidity, protect and preserve its operations and assets, and implement the necessary operational adjustments to deal with the impact of covid-19,” according to a statement accompanying Aeromexico’s quarterly report.

This latest loss was not as deep as the MXN 27.4 billion reported in the second quarter, when Aeromexico made a MXN 14.5 billion write-off after testing its assets for impairment. The airline, unlike US airlines, has not received government assistance to overcome the coronavirus pandemic.

By InfoBae

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