Volaris' revenues for the first quarter of 2023 hit $731 million, a 29% increase on the 2022 period, with revenue per available seat mile (TRASM) up 9.5% to $7.71 cents and available seat miles (ASM) up 18%.
The budget carrier reported operating expenses of $762 million, which came to 104% of revenue, after operating expenses per available seat mile (CASM) increased 8.2% to $8.03 cents and fuel prices jumped 12% to $3.46 per gallon
Booked passengers were 8.2 million for the quarter, an increase of 17%, the carrier reported, with domestic and international passenger numbers increasing 13% and 33% for a load factor of 85%.
A $71 million net loss meant a loss per share of 6 cents, though earnings (EBIDTAR) were up 27% to $123 million. The EBIDTAR margin was 16.8% and the net debt-to-LTM EBITDAR ratio was 3.8 times.
The carrier ended the period with a cash, cash equivalents and restricted cash position of $704 million, or 23% of previous twelve months’ revenue.
“During the first quarter, demand in all segments and regions remained strong for our company. We achieved a new first-quarter TRASM record, thanks to the solid penetration of ancillaries.," said Enrique Beltranena, president and chief executive.
"Going forward, the strength of our network coupled with our strict cost control are expected to provide us with a widening competitive advantage in our markets," he added.
During the period Volaris redelivered an A319ceo and added two A321neo and two A320neo jets, taking it to a fleet of 120, with an average age of 5.4 years and average seating capacity of 193 passengers. The carrier said it aims to add five aircraft by the end of 2023.