Brazilian airline Azul reported a record three-month operating revenue of R$4.5bn (US$ 860 million) for the fourth quarter of 2022 (Q4 2022), taking it to R$15.9bn revenue for the year.
But the carrier recorded a R$610.5 million loss for the quarter, exceeding the pandemic-era loss reported Q4 2021, with the difference driven by higher fuel expenses, which were up over 50% year-on-year, and interest payments on leases
Annual revenue was up 39.4% on 2019 and 59.9% compared to 2021, the Brazilian airline said, with passenger revenue, measured in available seat kilometres, also hitting record levels in Q4 2022 and yields for the quarter hitting an unprecedented R$50.6 cents.
EBIDTA topped R$1bn for Q4 2022, a margin of 25% that the carrier claimed as among the world's biggest. Operating income for Q4 2022 was 524.7 million, down slightly on Q4 2021. Gross debt decreased R$1.2bn in the year to R$21.8bn.
Azul said it ended Q4 2022 with R$2.5 billion in immediate liquidity, including cash and cash equivalents, accounts receivable and short-term investments, R$408.3 million lower than the same period in 2019.
"Azul had another exceptional year in 2022 as we followed up our TripAdvisor World’s Best Airline recognition with the World’s Most On-Time Airline for 2022 from Cirium," said chief executive John Rogerson, who expects revenue to hit R$20bn in 2023.