Mesa Air Group reports USD3.4m profit in Q3FY2020, sees 'significant opportunities ahead'

Mesa Air Group reported (10-Aug-2020) net income of USD3.4 million in Q3FY2020, compared to USD3 million in Q3FY2019. Total operating expenses fell 64.5% year-on-year to USD57.9 million, due to fewer operations and maintenance expenses, reflecting the impacts of COVID-19 and the federal grant received through the Payroll Support Agreement. Mesa Air Group chairman and CEO Jonathan Ornstein said the group reported "both a profit and positive cash flow", which it attributed to "our relentless focus on low costs and reliable operations, the construct of our agreements with our major partners, and the dedication and hard work of all our employees". Despite "significant opportunities ahead", Mr Ornstein said the group is still faced with "COVID-19 related challenges". He explained: "Our fleets continue to be utilised below 60%, aircraft financing has become more difficult, and the recovery time projected for demand to return to pre-COVID-19 levels". [more - original PR]