Avianca Group’s cargo revenues dropped by 8.3% in the first quarter of 2024

While Avianca’s posted a net income of $13 million in Q1 2024, its cargo revenues dropped due to continued market softening and industry freighter capacity remaining above prepandemic levels. However, the company’s cargo revenues were $152 million, ahead of the company's business plan.

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Avianca Cargo to add three more freighters to the fleet; one in June 2021, second by end of 2021, and third by early 2025. Gabriel Oliva, Chief Operating Officer of Avianca Group and CEO of Avianca Cargo, confirmed this update to The STAT Trade Times.

Avianca Group also reported $272 million in EBITDAR (earnings before interest, taxes, depreciation, amortisation and restructuring or rent costs) with a margin of 21.5% during Q1 2024, up 16.3% from the same period in 2023.

Avianca Group CEO Frederico Pedreira said in Q1 2024, “We continued to expand our network and improve our connectivity with the launch of new routes, including the reopening of Bogota-Paris, after 20 years, as well as Bogota-Montreal.”

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