Azul reports $700 million loss in second quarter 2024

Brazilian airline Azul posted a net loss of $703.6 million in the second quarter of 2024, amid a weakening exchange rate from Brazilian real to US dollar, along with declining capacity and growing fuel costs. Overall operating expenses increased 1.5% to $678.9 million. The company’s fuel expenses increased 2.6% to $249.8 million in the quarter. Salaries and benefits expenses were up 11.6% – largely driven by a 5.5% union increase in salaries after collective bargaining agreements along with its 3% increase in capacity overall. Azul’s international capacity was down 8% during the period, though domestic capacity was up 6.5%. Load