Aeromexico 737-700. Courtesy, AM

Grupo Aeromexico (AM) posted a 2011 net profit of MXP2.08 billion ($162.3 million) on strong revenue gains as the benefits to AM stemming from the demise of rival Mexicana in August 2010 become apparent.

AM's 2011 net earnings were down 10.8% from a MXP2.33 billion net profit in 2010, a dip the company blamed on nonrecurring items. Full-year revenue surged 27.5% to MXP35.81 billion, enough to mostly offset a 31.1% rise in expenses to MXP28.7 billion (including a 54.2% increase in aircraft fuel costs). Operating income was MXP7.11 billion, up 14.8% over 2010.

AM's full-year traffic increased by 21% year-over-year to 22.64 billion RPKs on 20% growth in capacity to 28.99 billion ASKs, producing a load factor of 78.4%, up 0.5 point. Yield rose 3.1%.

AM (including regional affiliate Aeromexico Connect) took delivery of four Embraer E-190s, six Boeing 737s and one 767 last year. Its fleet stood at 105 aircraft at year end, eight more than Dec. 31, 2010.

Total 2011 passenger revenue was 44% comprised of domestic sales while 56% was generated from international operations. AM flies to 73 destinations, comprising 42 in Mexico, 16 in the US and Canada, 10 in Latin America, three in Europe and two in Asia.