Colombian carrier Avianca’s operating profit slipped slightly to $197 million for the three months to 30 September 2024, a quarter during which it increased passenger levels 14.5% over the same period a year ago.
Avianca operating profit fell by $15 million in the third quarter, while net profit was down 29% to $58 million.
Profitability for the quarter fell as the carrier’s costs increased faster than its revenues during the period. Operating costs were up more than 9% to $1.17 billion, while revenues climbed 7% to $1.33 billion.
That was set against a quarter in which the carrier rapidly expanded over the same period last year. Avianca lifted passenger capacity almost 18%. That outpaced traffic growth of 14%, resulting in a nearly three point fall in load factor to 82.8%. The carrier increased passenger numbers by 1.2 million to 9.7 million in the third quarter.
Avianca chief executive Frederico Pedreira says: ”Our performance reflects our team’s rigorous cost management and agility in identifying new market opportunities. We have consolidated the most extensive network in our history by adding 26 new routes this year and, this quarter, we carried our largest number of passengers ever.”
