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Grupo Aeroméxico SAB de CV recorded a 29% jump in revenue for 2023, the Mexican airline disclosed in its paperwork for an initial public offering in the United States on Monday, more than two years after it exited bankruptcy proceedings. The company is among many that have flocked towards US bourses in recent months as they seek to tap into the broader pool of capital and richer valuations that American markets offer. The airline had filed for Chapter 11 bankruptcy protection in June 2020 with $2b in debt, hurt by the downturn in travel demand caused by the COVID pandemic. It emerged out of bankruptcy in March 2022. The company said on Monday its existing shareholders will be selling American Depositary Shares (ADSs) in the IPO, but did not disclose the size or the price range of the offering. Grupo Aeroméxico's revenue in 2023 came in at $4.92b, up from $3.81b a year earlier, as travel demand recovered from the pandemic-led downturn. Operating income in the same period rose to $715.8m compared to $510.8m in 2022. The airline's shareholders include private equity firm Apollo Management, Delta Air Lines and investment firm Silver Point Capital among others. Grupo Aeroméxico offers long-haul, wide-body service connecting Mexico with the rest of the world. The airline operates a fleet of 144 aircraft as of March end.<br/>

Brazilian airline Azul's losses narrowed in the first quarter to 324.2m reais ($62.86m), it reported on Monday, as demand for air travel in the country picked up. The airline, which has faced high leasing and interest costs, has also been hurt by the depreciation of Brazil's real against the dollar and reported a loss of 847.3m reais related to foreign exchange swings in Q1. Its overall loss narrowed from a 727.6m real loss in the first quarter of 2023. Azul said that both its revenue and core earnings reached all-time highs for a first quarter, with traffic as measured by revenue passenger kilometers (RPK) rising 1.7% from a year earlier. The company had in March bumped up its estimate for earnings before interest, taxes, depreciation and amortization (EBITDA) this year due to rising demand in Latin America's largest economy. "We are especially encouraged by the progress we are making in aircraft utilization," CE John Rodgerson said in a statement, adding the company is fully focused on increasing its profitability. "We will generate significant EBITDA, free cash flow and margin expansion in the second half of 2024 and in the years to come," he said. Azul's first-quarter EBITDA came in at 1.42b reais, up 37.4% year-on-year, while net revenue rose 4.5% to 4.68b reais. The top line landed slightly below the 4.88b reais expected by analysts polled by LSEG.<br/>

Brazilian carrier Azul would not be drawn into speculation linking it to a possible move to combine with rival operator Gol, with Azul today disclosing improved first-quarter results. Recent reports from Brazil have suggested Azul has recruited financial advisors to look at a possible combination with Gol, which in January entered a formal financial restructuring after filing for US Chapter 11 bankruptcy protection. ”We can’t comment on news reports,” Azul CE John Rodgerson said when asked about the reports during a first-quarter earnings call on 13 May. ”We believe strongly in what Azul is building. We believe strongly in what we have going forward.” He does, however, add, “We are big fans of consolidation and that’s also something we have been pretty open about for the last five years or so. So we’ll see what happens going forward. There is a process in place and we are watching very closely and that’s all we can really say.”<br/>

Dubai-based carrier Emirates airline on Monday reported record annual profit of 17.2b dirhams ($4.7b) for the 2023-2024 financial year, up 63% from the year prior. The flag carrying airline of the UAE’s glitzy commercial capital has enjoyed a consistently recovering travel sector, expanding its route network to meet booming demand. The latest figures from world’s largest long-haul airline were the best in its history and were “driven by the voracious appetite for travel across customer segments,” the Emirates Group said in a statement. Emirates carried 51.9m passengers in the 2023-24 financial year, a 19% increase from the year prior, with reported seat capacity up by 21%. Revenue for the airline rose 13% to 121.2b dirhams and airline capacity increased by 20%, “closing [the] gap to pre-pandemic levels,” the statement said. “Throughout the year, we saw high demand for air transport and travel related services around the world, and because we were able to move quickly to deliver what customers want, we achieved tremendous results,” said Emirates chairman and and CE Sheikh Ahmed bin Saeed Al Maktoum. “We are reaping the benefit of years of non-stop investments in our products and services, in building strong partnerships, and in the capabilities of our talented people.” Emirates Group, which comprises the airline and airline services and ground handling company dnata, saw its own best-ever financial performance with a record profit of 18.7b dirhams, a 71% jump from the previous year. It also ended the financial year with its highest-ever cash balance of 47.1b dirhams, and declared a 4b dirham dividend for its owner, the Investment Corporation of Dubai.<br/>

A pilot was forced to turn a flight around at Bristol Airport after drunken passengers were being disruptive, according to reports. Police were called to the departure gate to meet an easyJet flight shortly before take-off as a large group of men were refusing to sit down and were demanding to use the toilet. One passenger said that they had to wait an hour while the ejected passengers were made to grab their bags for the flight to Malaga. The airline said seven people were removed from the flight. The group was escorted back to the terminal by police. One passenger told Bristol Live that a large group were being loud and disruptive before they even boarded the plane. Linda Sweeden said: “The flight was delayed by an hour while we were still waiting in the departure lounge, and clearly that just gave these lads another hour’s drinking time. “They were being loud at the gate, but luckily I was sat at the back of the plane and they were at the front. There were loads of them, apart from the front row for the elderly and disabled people, they took up maybe six or seven rows at the front of the plane, there were at least 30 of them.” The passenger said the group became disruptive as they were taxiing to the runway to begin take-off. One man reportedly complained he was “going to p*** all over the floor” if he was not allowed to go to the toilet, before “five or six” men also wanted to use the facilities and were arguing with stewards in the aisle. The plane began to return to the departure gate after the dispute escalated. Swedeen added: "When the door closed behind them, there was this big cheer of relief from everyone else, and the captain announced that we would be delayed a little bit longer but would be on our way soon. He even joked that there were loads of seats free near the front if anyone wanted an upgrade.”<br/>

Air Arabia, the first and largest low-cost carrier (LCC) operator in Mena, saw its Q1 net profit dropping 22% to AED266m ($72.42m), despite its turnover increasing 8% to AED1.54b during the period. The first quarter net profit achieved was driven by robust passenger demand and revenue growth. These results were also impacted by the seasonality shift during the month of Ramadan, higher fuel price, currency fluctuations in key markets, and ongoing supply chain challenges that contributed to higher inflationary costs across the industry.<br/>

Thailand’s continued air travel recovery helped Bangkok Airways and Thai AirAsia post first quarter operating profits, although costs were challenging during the period. Bangkok Airways, which focuses on leisure travellers, observes that during the first three months of 2024 tourist arrives in Thailand were back to 87% of the levels seen before the coronavirus pandemic. One highlight of the quarter was the launch of two new direct services from the resort island of Koh Samui to the Chinese cities of Chongqing and Chengdu. Rising travel demand saw the carrier fly 15.5% more seats than in the first quarter a year ago, with the airline attaining 75.6% of its pre-pandemic capacity. Bangkok Airways saw operating profits nearly double to B2.4b ($65m) in the three months to 31 March from a year earlier. Revenues rose 36.3% to B7.8b, as expenses rose 19.9% to B5.4b. Net profits more than doubled to B1.9b. Capacity as measured by ASKs rose 16.5% and RPKs rose 18.4%. Passenger load factors improved 1.3 percentage points to 88.4%. As of 31 March, Bangkok Airways’s cash and cash equivalents stood at B11.7b, down 10% from 31 December 2023.<br/>