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May 18, 2022

Corporación América Airports swings to profit in Q1 2022

Adjusted EBITDA grew from $6.7m to $89.2m over the period.

Corporación América Airports, the largest private sector airport operator by number of airports under management, has posted an attributable net income of $25.9m in the first quarter (Q1) 2022, versus a net loss of $44.1m in the same quarter a year earlier. 

Revenues surged 86.8% to $258.1m, or 28.4% below the pre-pandemic levels from Q1 2019. 

Operating income in the first three months of the year stood at $51.8m, compared with an operating loss of $26.6m in the year-ago quarter.

Adjusted EBITDA grew from $6.7m to $89.2m over this period.

With the lifting of travel bans, passenger volume soared 106.2% to 13.5 million. This is 65.5% of Q1 2019 levels, with Armenia, Ecuador and Brazil leading the traffic rebound.

Cargo volume grew 19.3% to 81 thousand tonnes, which is 77% of Q1 2019 levels. The growth was largely driven by Argentina, Brazil and Ecuador.

Aircraft movement in the three-month period ending 31 March was 156.4 thousand, 73.5% of Q1 2019 levels and 58.9% higher than Q1 2021.

Nearly 85% of aircraft movements in Q1 2022 were contributed by Argentina, Brazil and Ecuador, while in Armenia it rose to 96.7% of Q1 2019 levels.

Corporación América Airports CEO Martín Eurnekian said: “This performance was driven by a sustained pick-up in travel demand partially impacted by Omicron in January and February, tariff adjustments in some of our segments, together with a solid recovery in commercial revenues and a leaner cost structure.

“Traffic in Q1 2022 stood at 65% pre-pandemic levels, however, revenues ex-IFRIC reached 78% of those reported in Q1 2019.”

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