Interjet seeks probe of rival Volaris' financial statements

Mexico City
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Mexican low-cost carrier Interjet has requested Mexico's securities regulator to relook at rival Volaris' financial statements submitted in its bid to launch an initial public offering (IPO), to confirm that they were prepared according to international accounting standards.

"We have already presented a case to the stock exchange commission to find out whether exactly their [Volaris'] auditors are following strictly the IFRS standards," Interjet chief executive Jose Luis Garza tells Flightglobal. IFRS refers to International Financial Reporting Standards.

Volaris did not immediately respond to questions for comment.

The airline filed for an IPO in June, hoping to raise up to $100 million through both a Mexican and international offering. It plans to list on both the Mexican and New York stock exchanges.

In financial statements submitted with its IPO prospectus, Volaris says its financial results were prepared according to IFRS. It reported a full year operating profit of Ps378 million ($29 million) in 2012, and full-year revenues of Ps11.7 billion.

Interjet's president Miguel Aleman Magnani says Volaris is aware of the request his airline filed with the Mexican securities regulator, but does not comment further.

Magnani and Garza were speaking to Flightglobal in Mexico City ahead of an event to showcase its Sukhoi Superjet.

Interjet launched operations months before Volaris commenced flights in early 2006. The two airlines have grown rapidly since then, providing new competition in recent years for flag carrier Aeromexico, particularly in the domestic Mexican market.