Aerolíneas Argentinas has posted a net loss of $48 million in the first half of 2023, a significant improvement from its $667 million net loss in 2019 marking an almost 80% decrease in loss.
The airline's current administration is focused on turning the company around and has seen a 61% reduction in losses compared to 2022, the best year since its nationalization.
“Aerolíneas Argentinas has not received the funds allocated in the country’s budget for the airline for this year, but received six billion Argentinian pesos (about $17 million) from the 2022 budget, of which only 70% has been employed,” the company said in a statement.
In 2022, the airline posted a yearly net loss of $246 million.
Pablo Ceriani, chief executive office, Aerolíneas Argentinas, said: “It's an excellent result and, projected in the short or medium term, indicates that we are on the path to economic sustainability. Today, we have a company with historically low levels of losses, flying to new destinations, with new domestic routes, more airplanes, and passenger records.”
“The financial results demonstrate that growth is the appropriate route to achieve an economically efficient carrier with a strategic role in connectivity and the country’s development,” Ceriani added.
Aerolíneas Argentinas has a fleet of 81 aircraft with nine Airbus A330-200s, eight Boeing 737-700s, 29 B737-800s plus two 737-800BCFs for cargo-only operations, seven MAX 8s, and 26 Embraer E190s, inherited from its merger with Austral.
In July the airline carried 1.25 million passengers in a single month creating a new record, marking a 12% increase as compared to July 2019. In July 2023, Aerolíneas reached the highest record of carried passengers in a single day with 46,331, surpassing the 2018 figure of 45,769.
Today, Aerolíneas operates to 3 new domestic destinations and 12 more federal routes than in 2019.
“The growth this year is encouraging for the entire Argentinian airline industry. And it does so by investing, generating more revenue, and moving towards sustainability,” Ceriani concluded.