Grupo Aeromexico reported first-quarter net income of MXP161 million ($9 million), down 12.6% from a net profit of MXP185 million in the year-ago period.

The Mexico flag carrier cited the positive aspect of lower fuel costs and the negative impact of the Mexican peso depreciating against the US dollar for the results. During the first quarter, the peso depreciated 20.9% relative to the dollar.

First-quarter revenue increased 12.9% to MXP12.06 billion, while expenses rose 12.4% to MXP11.4 billion, producing an operating profit of MXP641 million, up 24.4% from a MXP515 million operating profit in the prior-year quarter.

System traffic rose 7.8% to 7.9 billion RPKs on a 9.3% increase in capacity to 10.4 billion ASKs, producing a load factor of 76.2%, down 1 point.

RASK rose 3.3% to 1.049 pesos and CASK increased 3.2% to 1.110 pesos. CASK ex-fuel was 0.907 pesos, up 11.6%.

During the first quarter, Aeromexico added one Embraer E170 and an E190, both leased. It also operates Embraer ERJ-145, Boeing 737-700/800, 767, 787 and 777 for a total of 126 aircraft in its fleet.