Aeromexico Posts Slimmer Quarterly Loss, Eyes Pickup Amid Pandemic

Mexican airline Aeromexico on Tuesday posted a net loss of $130.38 million in the third quarter under the strain of the coronavirus pandemic, yet said passenger demand had begun to revive, Reuters reported. The drag on profits was considerably narrower than in the prior quarter, when Aeromexico posted a net loss of $1.19 billion. “In spite of the complicated environment, the market has shown signs of recovery,” Aeromexico said in a statement, noting that its passenger capacity increased 68% since the second quarter, with more than a million people taking flights, especially domestic routes. The company also reduced its workforce by 96 people, after cutting nearly 2,000 positions in the prior quarter. Aeromexico in June began a Chapter 11 restructuring process, becoming the third airline to file for bankruptcy protection in Latin America, and has since received approval for up to $1 billion in financing. Read more