SAO PAULO, Nov 8 (Reuters) - Brazilian airline Azul SA posted on Thursady a 42 percent drop in third-quarter profit to 117 million reais ($31.32 million), due to higher fuel prices and a depreciating local currency.
The results missed a Refinitiv IBES estimate that put Azul’s quarterly profit at $37 million.
Azul’s revenue grew by 21 percent in the period. However, fuel expenses ate up an increasing percentage of the money coming in, totaling 30 percent of revenue in the third quarter, compared to 22 percent in 2017.
Overall, Azul put the cost of currency depreciation and higher fuel prices at 323 million reais, according to the earnings release.
It’s been a tough season for Brazilian airlines. Azul’s biggest local competitor, Brazil’s Gol Linhas Aereas Inteligentes SA reported a loss in the same period of over 400 million reais, buffeted by the woes afflicting Azul.
$1 = 3.7351 reais Reporting by Marcelo Rochabrun; Editing by