SkyWest Inc. has agreed to sell its stake in Brazilian airline Trip Linhas Aereas, ending its relationship with the then-startup carrier that it began four years ago in an effort to enter the South American country's flourishing airline market.
The reason for the sale was not divulged in the company's announcement. But earlier this month, St. George-based SkyWest said it had suffered an "additional" $4.1 million loss in the first quarter that it chalked up to minority investments in Trip and Air Mekong, a Vietnamese airline.
"We didn't feel the need to explain our rationale for the sale," Mike Kraupp, chief financial officer of SkyWest, said in an email Wednesday. "However, it simply represents us focusing on our core business in the U.S., and that we were able to monetize this investment at an attractive level to us."