Corporación América Airports (CAAP) has reported a second-quarter loss, though continuing its recovery with higher revenues and strong traffic performance.
The private sector airport operator posted an operating loss of $27.2m in the three months to June 2021, compared with $76.1m last year.
The net attributable loss dropped to $34m from $55.4m over the period.
According to CAAP, this was possible due to gradual recovery in returns, along with effective cost control actions that were executed during the beginning of the pandemic.
Adjusted earnings before interest, taxes, depreciation and amortisation on an ‘As Reported’ basis were $7.7m compared with a $33m loss in the same quarter last year.
Although consolidated revenue increased to $135.3m from $81.7m, this is still 67.2% below pre-pandemic levels in the same quarter of 2019.
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Aeronautical revenues increased by 471.3% in Q2 2021 from $8m in Q2 2020 while non-aeronautical revenues rose from $73.7m to $89.6m.
This was offset by a $17.9m decrease in construction service revenue.
Passenger traffic increased to 5.5 million in Q2 2021 from 0.4 million in the same quarter of 2020. However, it plunged 72.8% from Q2 2019.
Furthermore, cargo volume grew 77.3% year-over-year to 83,200t but was still 21.2% lower than Q2 2019.
Aircraft movements rose to 95,800, representing a 236.2% increase from Q2 2020 but a 53.7% decrease from the same quarter of 2019.
CAAP CEO Martín Eurnekian said: “Over a year and a half into the pandemic, we have demonstrated our ability to rapidly respond to the challenging market conditions. The cost control and cash preservation initiatives executed since day one have enabled us to deliver three consecutive quarters of positive operating cash flow across most of our operations.
“While we are experiencing different dynamics across operations, total passenger traffic started to recover in May following the contraction experienced early in the year as the second Covid-19 wave hit our operations in LatAm.”