Brazil's No. 3 airline Azul SA saw its net debt jump by 94% in reais in the first quarter compared to a year ago, as the country's currency was battered even before the coronavirus crisis hit in full force.
FILE PHOTO: Airplanes of Brazilian airline Azul are seen at the Pampulha airport after the company suspended several flights, amid a coronavirus disease outbreak, in Belo Horizonte, Brazil, April 2, 2020. REUTERS/Washington Alves
Azul’s net debt rose to 17.9 billion reais compared to 11.8 billion reais a year ago, the company said on Thursday. Like many airlines, Azul has dollar-denominated liabilities. The increased debt levels show that Azul’s finances were already suffering in the leadup to the coronavirus crisis, even before travel was affected. Brazil’ real depreciated almost 30% in the first three months of 2020, initially at a time when the novel coronavirus was mostly set to affect China’s economy.
The currency fluctuations also led Azul to post a 6.14 billion reais loss in the quarter, compared to a profit of 125.3 million reais a year earlier.
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