Azul (AZUL4) reports a loss of BRL 808.4 million in the 1st quarter of 2022, down 24.4% on an annual basis

Azul (AZUL4) recorded an adjusted net loss of R$808.4 million in the first quarter of 2022 (1Q22), an amount 24.4% lower than that reported in the same quarter of 2021.

Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) grew 356.9% in 1Q22, totaling R$592.7 million.

Total operating revenue in 1Q22 was R$3.2 billion, an increase of 74.9% compared to 1Q21 and 25.6% above 1Q19.

This was the second consecutive quarter with net revenue above pre-pandemic levels, despite the impact of the Ômicron variant on the company’s operation.

Cargo and other revenue increased 53.4% ​​year over year, totaling R$350.1 million in 1Q22, driven by robust demand for logistics solutions and the exclusive network. Compared to 1Q19, cargo and other revenue more than tripled.

The net financial result was positive by BRL 2.588 billion in the first quarter of 2022, against financial losses of BRL 2.438 billion in the same quarter of 2021.

Operating income totaled R$70.7 million in the first three months of 2022, reversing a negative result of R$214.1 million compared to the same quarter of 2021.

The adjusted Ebitda margin (Ebitda over net revenue) reached 18.6% in the period, an increase of 11.5 percentage points (pp) compared to the margin recorded in 1Q21.

The immediate liquidity position remains solid at R$3.3 billion, above 1Q19 levels. During the quarter, Azul generated more than R$500 million in operating cash flow.

The company’s net debt stood at BRL 15.938 billion at the end of March 2022, a growth of 30.6% compared to December 2021.

The financial leverage indicator, measured by net debt/adjusted EBITDA, stood at 7.8 times in March/22, down 3.4 times compared to December 2021.

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