AEROMEXICO, FRESH from its financial restructuring, has delivered a third-quarter net profit, despite another heavy fall in passenger numbers.

The Mexican airline turned around 1994's losses to end the September quarter with net profits of NP143 million ($20 million). The result leaves the carrier close to break-even so far this year.

The improvement came despite an 18% slump in passenger traffic, which was matched by a similar decline in capacity, with the AeroMexico fleet cut to 51 aircraft. The workforce, currently standing at 5,300, has also been reduced by more than 10% as part of restructuring efforts over the past year.

The 5% rise in seat costs was more than offset by a hike in passenger yields of more than 11%.

It has also overhauled finances with a NP3.2 billion debt-for-equity swap. A further NP105 million raised from shareholders leaves debts at NP2.6 billion.

Source: Flight International