The SATA group maintained a trajectory of revenue growth in the first half of the year, but operating costs conditioned operational and financial performance in that period, according to a statement from the company, which owns Azores Airlines and SATA Air Açores.
“Continuous revenue growth will continue in 2024, reaching around 180 million euros, which represents an increase of around 32 million euros (+22%) when compared to the same period in 2023”, said the statement from the airline of the Autonomous Region of the Azores.
However, according to the company, “pressure on costs caused EBITDA (operating income before interest, taxes, depreciation and amortization) to fall to negative 6.5 million euros, compared to the positive 3.6 million euros seen in the first half of 2023”.
“The net result of Grupo SATA was affected by the pressure caused by the increase in operating costs, as well as financial expenses, reaching a negative 45 million”, according to the note.
“In the first half of 2024, the SATA Group transported 1.174 million passengers, corresponding to an additional 166 thousand passengers (+16%), when compared to the same period last year”, according to the note.
According to the company, the capacity made available increased by 13% compared to the first half of 2023, translating into an overall increase in the group’s average occupancy rate (‘load factor’) by 2.6 percentage points (pp), standing at 78.6%.
SATA Air Açores recorded an increase in revenue and passengers transported and, despite operational constraints, the net result showed improvements, as a result of the reduction in financial expenses.
According to the statement, SATA Air Açores transported 427 thousand passengers, +6% compared to the first half of 2023, having achieved a load factor of 74.5%, higher than the load factor of the same period (70.6%). Revenue in the first half of 2024 reached 51.4 million euros (up 6.1 million euros when compared to the first half of 2023, +13.4%).
“Operating income before interest, taxes, depreciation and amortization (EBITDA) was negative by 1.2 million euros, which compares with the negative 0.1 million seen in the first half of 2023. The net result in the first half of 2024 was negative by nine million euros, which compares with a negative net result of 11.4 million euros in the same period of the previous year”, the note indicated.
SATA Internacional-Azores Airlines increased its revenues, but operating costs also had a negative impact on the half-year results.
In the first half of 2024, SATA Internacional “transported 747 thousand passengers, +24% compared to the first half of 2023, with a load factor of 81.1% (+1 pp compared to the first half of 2023)”.
According to the statement, “revenue totaled 135.5 million euros (+24.4 million euros when compared to the first six months of 2023)”.
“Operating income before interest, taxes, depreciation and amortization (EBITDA) stood at negative 4.9 million euros. Net income in the first half of 2024 was negative at 37.8 million euros,” the note said.
Source: www.jornaldenegocios.pt
