Volaris reports $8m profit for 2023 as demand rises

Mexican ultra low-cost carrier Volaris reported a full-year profit of $8m as the company resized operations and capitalised on strong demand. The Mexico City-based carrier said on 26 February that full-year revenue was $3.26b, up 14% from 2022. Expenses for the 2023 rose 8.3% year on year to $3.01b. For Q4, the company posted a $112m profit on $899m of revenue, up 9.6% from the same period in 2022. “Throughout 2023, we gained valuable lessons…and turned a very complex situation into a solid financial result for the fourth quarter,” says CE Enrique Beltranena. “Our performance demonstrated resilience in the face of the challenges encountered throughout the year, such as the extended FAA downgrade of Mexico to Cat 2 [safety status], Pratt & Whitney’s engine preventive accelerated inspections, and slot reductions at the Mexico City International airport.” The Mexican government has been reducing capacity at the older airport in that nation’s capital, in favour of the newer but more distant Felipe Angeles International airport. In addition, the US FAA only in September returned Mexico’s safety status to Category 1 from Category 2, after more than two years. That change allowed airlines to add flights between the USA and Mexico.<br/>