Avianca returns to profitability in Q3 on cost-cutting measures

Avianca Holdings recorded its first quarterly profit of 2019 despite a slight dip in revenues, as the company continues to cut costs in the face of weak regional economic conditions. Q3 net income was US$34m, up slightly from $32m in the year-ago period. The improved result comes after Avianca posted a $476m net loss through the first half of the year. Total revenue decreased by 1.5%, harmed by weak macroeconomic conditions and a drop-off in passenger levels related to capacity reductions in unprofitable markets. “We continue to see headwinds during Q3 due to a challenging macroeconomic backdrop in the region, coupled with volatile local currencies, which pressured our top line,” Avianca CFO Adrian Neuhauser said.“ <br/>