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GOL and Skywest report financial results

24-Feb-2011

Skywest shares have gained 4.2% after the company announced its 2010 results. The gain was against the trend for North and South American listed airlines, most of which traded lower yesterday. Most heavily hit was US Airways, which lost 7.4%.

Skywest reported the following consolidated financial highlights:

  • Three months ended Dec-2010:
    • Revenue: USD796.3 million, +31.8% year-on-year;
    • Operating costs: USD744.4 million, +33.9% year-on-year;
    • Operating income: USD51.8 million, +7.2%;
    • Net income: USD37.2 million, +90.8%;
    • Passenger numbers: 11.7 million, +37.2%;
    • Revenue per ASM: -4.5%;
    • Cost per ASM: -3.8%;
  • 12 months ended Dec-2010:
    • Revenue: USD2,765 million, +5.8%;
    • Operating costs: USD2,563 million, +6.7%;
    • Operating income: USD201.8 million, -4.9%;
    • Net income: USD96.4 million, +15.2%;
    • Passenger numbers: 40.4 million, +17%;
    • Revenue per ASM: -8.5%;
    • Cost per ASM: -7.1%.

GOL financial highlights for the three months ended 31-Dec-2010:

  • Revenue: USD1117 million, +15.6% year-on-year;
    • Ancillary: USD102.7 million, -19.1%;
  • Operating costs: USD960.2 million, +7.3%;
    • Fuel: USD349.1 million, +29.4%;
    • Labour: USD205.4 million, +14.7%;
  • Operating profit: USD156.4 million, +119.8%;
  • Net profit: USD78.9 million, -66.8%;
  • Passenger traffic (RPKs): +6.4%;
    • Domestic: +6.9%;
    • International: +8.4%;
  • Load factor: 71.1%, -2.3 ppts;
    • Domestic: 71.1%, -3.1 ppts;
    • International: 70.6%, +3.7 ppts;
  • Breakeven load factor: 61.1%, -6.8 ppts;
  • Average fare: USD113.11, +13.0%;
  • Yield: USD 12.19 cents, +12.9%;
  • Passenger revenue per ASK: USD 8.67 cents, +9.4%;
  • Operating revenue per ASK: USD 9.54 cents, +4.6%;
  • Cost per ASK: USD 8.21 cents, -2.9%;
  • Cost per ASK excl fuel: USD 5.24 cents, -11.5%;
  • Average sector length: 910 km, +1.8%;
  • Total assets: USD5413 million, +3.9%;
  • Total liabilities: USD3664 million, -2.3%;
  • 2011 forecast:
    • Passenger numbers: 33 million to 36 million;
    • Yield: USD 11.64 cents to USD 12.54 cents;
    • Cost per ASK excl fuel: USD 5.31 cents to USD 5.08 cents;
    • Operating margin: 11.5% to 14.0%.

*Based on the conversion rate at USD1 = BRL1.67451

Selected AAD daily share price movements (% change): 24-Feb-2011


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