Mexico City-based Grupo Aeromexico reported MXP783 million ($53 million) in consolidated net profit for 2014, down 27.5% from the airline’s 2013 net profit of MXP1.08 billion. A strong fourth-quarter performance of MXP761 million in net income kept the group in the black for 2014, following weak quarterly results earlier in the year (a net profit of MXP201 million in the third-quarter and net losses of MXP89million and MXP90 million in the second and first quarters, respectively).

Grupo Aeromexico’s consolidated airlines’ (Aeromexico and Aeromexico Connect) fourth-quarter net profit was a 97.6% year-over-year (YOY) improvement, nearly doubling the carrier’s net income of MXP385 million in the year-ago quarter.

Aeromexico’s air cargo division showed 24.1% YOY growth in the fourth-quarter, accruing MXP685 in revenue for the quarter. The carrier pointed to the recent introduction of five Boeing 787s into its fleet, which “[provided] increased cargo capacity, an improved commercial and customer service strategy as well as improved performance in the domestic cargo market,” the company said. Mexico’s air cargo market reportedly grew 8.9% YOY in the number of tons transported during 2014.

Aeromexico’s full-year revenues were MXP42.92 billion, up 7.7% YOY; operating expenses grew 8.6% YOY to MXP35.05 billion. Accounting for aircraft leasing expenses and currency depreciation, the airline’s full-year operating profit came to MXP1.68 billion, a 30.1% YOY drop.

Fourth-quarter revenue was MXP11.6 billion, up 8.3% YOY; operating expenses were MXP8.97 billion, up 3.5% YOY. Operating profit after leasing expenses and depreciation came to MXP925 million, a 45.9% increase YOY.

International passengers accounted for 51% of Grupo Aeromexico’s total fare revenues in 2014, while domestic passenger revenue accounted for 49% of the total. “2014 is the first year in which international passenger revenues have exceeded domestic passenger revenues,” the company said, “contributing to an overall natural hedge between foreign currency-denominated revenues and costs.”

Passenger traffic for the year was up 15% YOY, to 28.77 billion RPKs; capacity grew 11.5% YOY to 36.22 billion ASKs, resulting in a load factor for the full-year of 79.8%, up 2.2 points YOY. The airline carried 17.2 million passengers in 2014, up 11% YOY—a “historical record for the company,” Aeromexico said.

Yield fell 6.6% YOY to MXP1.370. Total RASK was down 3.3% YOY to MXP1.185. Total CASK excluding fuel in Mexican pesos increased 0.7% YOY to MXP0.760; total CASK excluding fuel in US dollars fell 3.4% YOY to 5.7 cents.

TwoBoeing 737-800s and two Embraer E-190s were added to Aeromexico’s consolidated fleet during the fourth-quarter; three leased aircraft were retired during the quarter (a 767, and two Embraer ERJ-145s). In total, Aeromexico added 19 aircraft to its consolidated fleet of 124 aircraft in 2014, and retired 12, for a net gain of seven aircraft for the year. As of Dec. 31, 2014, Aeromexico’s fleet comprised four 777s, five 787s, four 767s, 24 737-700s and 25 737-800s—a total of 62 aircraft. Aeromexico Connect’s fleet comprised 24 ERJ-145s, nine E-170/175s and 29 E-190s, for a total of 62 aircraft.