Boston, MA 02/27/2014 (wallstreetpr) – Controladora Vuela Co Avcn SA CV (NYSE:VLRS) has announced its fourth quarter and full year results for the period ending December 2013 that were heavily impacted by the slow economic environment in Mexico. The company Chief executive officer Enrique Beltranena maintains that the company’s long terms growth is based on Mexico’s bright future.
Fourth quarter and full year highlights
Total revenues for the fourth quarter came in at Ps3, 184 million a drop of 1.1% compared to total revenues for the same quarter a year an ago. Full year revenue on the other hand grew by 11.3% to clock in at Ps 13, 002 million.
Volaris expenses for the quarter was down by 6.7% coming in at Ps 114.8 cents per available seat miles with full year expenses per available seat mile also dropping by 4.9% to come in at Ps 116.4 cents. Adjusted EBITFAR for the quarter clocked in at Ps 484 million with an adjusted margin of 15% with full year EBITDAR coming in at Ps 2,806 million with margins of 22%. Adjusted EBITDAR and net income for the quarter and full year grew by 13 and 86% respectively.
Volaris passengers and revenues
The fourth quarter saw Volaris booking a total of 2.3 million passengers with full year bookings coming in at 8.9 million, a growth rate of 18.9% for the fourth quarter and 20.7% for the full year. The growth has mainly been attributed to reduced travelling charges which were lowered by 16.7% on the fourth quarter and 9.5% for the full year.
Passenger revenue per available seat mile for both the fourth quarter and full year were down by 16.6% and 7.3% respectively caused by lower fare rates as well as slow economic development in Mexico.
Controladora Vuela Co Avcn SA CV (NYSE:VLRS) was down in Wednesday trading session going down by 13.08% to close at a low of $9.90.
