Azul S.A., "Azul" (B3:AZUL4,NYSE:AZUL), the largest airline in Brazil by number of flights and cities served, announces today its results for the first quarter of 2019 ("1Q19"). The following financial information, unless stated otherwise, is presented in Brazilian reais and in accordance with International Financial Reporting Standards (IFRS), including the recently adopted IFRS 16 standard.
Operating income was R$335.6 million in 1Q19, representing a margin of 13.2%, even with the 16.3% devaluation of the Brazilian real and the end of the 20% payroll tax relief program.
Net income totaled R$137.7 million compared to a net income of R$172.3 million in 1Q18.
RASK increased 1.8% in 1Q19 on a stage-length adjusted basis, while at the same time capacity increased 16.0%.
CASK increased 4.6% mostly due to the 16.3% depreciation of the Brazilian real and the end of the 20% payroll tax relief in 1Q19. CASK decreased 2.4% controlling for fuel, currency and the payroll tax.
To access the full report visit www.voeazul.com.br/ir