Brazilian airline Azul loses 1.965 million dollars until September.

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The airline Azul, the third largest in Brazil, registered between January and September losses of 10,754 million reais (about 1,965 million dollars), a result still impacted by the new coronavirus pandemic that reduced the number of flights, informed this Monday the airline.

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EFE reported that the losses up to September far exceed the 90 million negative reais (some 16.4 million dollars at current exchange rates) recorded in the first nine months of 2019.

In the third quarter of 2020, losses reached 1,226 million reais (about $224.1 million), with a negative result of 550.5 million reais (about $ 100.6 million at current exchange rates) in the same period last year.

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In a statement, the president of Azul, John Rodgerson, highlighted that during the whole pandemic the company was the “only one in the continent” that kept its liquidity “without using cash” and that allowed it to accompany the “recovery of the domestic demand in Brazil, which has been one of the fastest in the world”.

According to the balance sheet disclosed this Monday, the net turnover in the first nine months of the year was R$4,009 million (about US$732.9 million), 54.4% less than in the period January-September 2019.

For the third quarter, revenues were R$805.3 million (about US$147.2 million), a 73.4% contraction compared to the same period last year.

The gross operating profit (Ebitda) in the three quarters amounted to 309.8 million reais (about 56.6 million dollars) with a reduction of 87% over the same period last year.

Between July and September of this year the Ebitda was 198.3 million reais (about 36.2 million dollars), a balance 78.4% lower than that presented in the third quarter of 2019.

The company’s debt as of September 30th of this year was 18,000 million reais (about 3.29 million dollars), 4.8% less than at the end of the second half of the year, in June.

Investments, on the other hand, were R$263 million (about US$48 million) in the first nine months of the year, 71.7% below the figures for the same period in 2019.

In 2019, the company made a net profit of R$ 823.7 million (about US$ 151.1 million at current exchange rates), compared to a loss of R$ 409.5 million (about US$ 75.1 million at current exchange rates) in 2018.

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