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    AEROMEX *   MX01AE010005

GRUPO AEROMÉXICO, S.A.B. DE C.V.

(AEROMEX *)
  Report
End-of-day quote Mexican Stock Exchange  -  2022-12-01
164.00 MXN   +2.50%
11/14U.S. says six airlines issue $622 million in refunds
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11/14U.S. says six airlines issue $622 million in refunds, pay $7.25 million in fines
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11/08Grupo Aeroméxico, S.A.B. De C.V. Reports Traffic Results for the Month and Year to Date Ended October 2022
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Mexican carrier Aeromexico expects longer flight cuts from Mexico City

09/14/2022 | 06:07pm EST
Mexican officials and businessleaders speak at Expansion Summit

MEXICO CITY (Reuters) - Mexican airline Aeromexico expects flight restrictions out of the capital's main airport to drag out longer than planned due to repairs, the carrier's chief executive told press on Wednesday.

In August, Mexican authorities said they had come to an agreement with airlines to cut flights out of the Benito Juarez International Airport by 15% during peak hours for the winter season.

"It looks pretty unlikely that the (repairs) will be done in six months," said CEO Andres Conesa following a panel at a business conference. "It's a huge project, from Terminal 2 to the taxiways," he said.

The cuts at Mexico City's hub come as Mexican airlines feel the pressure to open or expand flights from the six-month-old Felipe Angeles International Airport on the outskirts of town, one of President Andres Manuel Lopez Obrador's flagship projects.

Mexico City has long struggled with oversaturation at the existing hub, and Felipe Angeles and the forgotten Toluca Airport to the west of town have been touted by Lopez Obrador and officials as solutions.

"These repairs are important, because investments into the airport's upkeep were lacking for a long time," said Conesa. "If (the restrictions) have to be extended another season, we'll do it."

In the meantime, Aeromexico will focus on flights out of other large Mexican cities such as Guadalajara and Monterrey, the executive said.

Aeromexico's expansion plans also depend on the U.S. Federal Aviation Administration's Category 2 rating for Mexico, Conesa said, a downgrade made more than a year ago which currently prohibits Mexican airlines from opening new routes to the United States. "The damage done by that is significant."

(Reporting by Kylie Madry; Editing by Josie Kao)

By Kylie Madry


© Reuters 2022
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Analyst Recommendations on GRUPO AEROMÉXICO, S.A.B. DE C.V.
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Financials
Sales 2021 45 461 M 2 303 M 2 303 M
Net income 2021 -18 782 M -952 M -952 M
Net Debt 2021 56 625 M 2 869 M 2 869 M
P/E ratio 2021 -0,10x
Yield 2021 -
Capitalization 22 374 M 1 134 M 1 134 M
EV / Sales 2020 2,55x
EV / Sales 2021 1,29x
Nbr of Employees 13 868
Free-Float 90,9%
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Managers and Directors
Andrés Conesa Labastida Chief Executive Officer & Executive Director
Ricardo Javier Sánchez Baker Chief Financial Officer & Executive Vice President
Francisco Javier de Arrigunaga Gómez del Campo Chairman
James W. Sarvis Chief Operations Officer & Executive VP
Claudia Angélica Cervantes Muñoz Senior Vice President-Legal Affairs & Compliance
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