GOL operating loss widens in 2Q2012, forecasts negative operating margin in FY2012

GOL revenue up 17% – financial highlights**:

• Three months ended 30-Jun-2012:
  • Revenue: BRL1831 million (USD1048 million), +16.9% year-on-year;
    • Passenger: BRL1602 million (USD917.0 million), +6.2%;
    • Ancillary: BRL228.7 million (USD130.9 million), +21.8%;
  • Operating costs: BRL2185 million (USD1251 million), +19.0%;
    • Fuel: BRL920.2 million (USD526.7 million), +25.9%;
    • Labour: BRL399.3 million (USD228.6 million), +3.6%;
  • Operating profit (loss): (BRL354.6 million) (USD203.0 million), compared to a loss of BRL270.8 million (USD160.7 million) in p-c-p;
  • Net profit (loss): (BRL715.1 million) (USD409.3 million), compared to a loss of BRL358.7 million (USD205.3 million) in p-c-p;
  • Yield: BRL 18.43 cents (USD 10.55 cents), +0.8%;
  • Passenger revenue per ASK: BRL 12.81 cents (USD 7.33 cents), +5.7%;
  • Revenue per ASK: BRL 14.64 cents (USD 8.38 cents), +6.3%;
  • Costs per ASK: BRL 17.48 cents (USD 10.01 cents), +8.2%;
  • Cost per ASK excl fuel: BRL 10.12 cents (USD 5.79 cents), +4.0%;
• Six months ended 30-Jun-2012:
  • Revenue: BRL3997 million (USD2288 million), +15.4%;
    • Passenger: BRL3526 million (USd2018 million), +14.4%;
    • Ancillary: BRL470.5 million (USD269.3 million), +23.9%;
  • Operating costs: BRL4344 million (USD2487 million), +20.7%;
    • Fuel: BRL1872 million (USD1071 million), +33.7%;
    • Labour: BRL806.6 million (USD461.7 million), +8.3%;
  • Operating profit (loss): (BRL347.4 million) (USD198.8 million), compared to a loss of BRL135.5 million (USD77.6 million) in p-c-p;
  • Net profit (loss): (BRL756.5 million) (USD433.0 million), compared to a loss of BRL289.3 million (USD165.6 million) in p-c-p;
  • Yield: BRL 19.38 cents (USD 11.09 cents), +1.6%;
  • Passenger revenue per ASK: BRL 13.31 cents (USD 7.62 cents), +1.6%;
  • Revenue per ASK: BRL 15.08 cents (USD 8.63 cents), +2.5%;
  • Costs per ASK: BRL 16.40 cents (USD 9.39 cents), +7.2%;
  • Cost per ASK excl fuel: BRL 9.33 cents (USD 5.34 cents), -0.1%;
  • Total assets: BRL10,454 million (USD5984 million), +13.7% when compared to period ended 31-Dec-2011;
  • Cash and cash equivalents: BRL983.3 million (USD562.8 million), -40.2% when compared to period ended 31-Dec-2011;
  • Total liabilities: BRL8986 million (USD5144 million), +36.3% when compared to period ended 31-Dec-2011;
• 2012 forecast:
  • Brazil GDP growth: +1.5% to +2.5%;
  • Domestic demand (RPK): +6.0% to +9.0%;
  • Domestic load factor: 71% to 75%;
  • Passenger numbers: 41 million to 42 million;
  • GOL domestic capacity (ASK): 48 billion to 49 billion;
  • Passenger traffic (RPK): 37 billion to 39 billion;
  • Departures: 354,000 to 364,000;
  • Cost per ASK excl fuel: BRL 9.0 cents (USD 5.15 cents) to BRL 9.6 cents (USD 5.50 cents);
  • Fuel litres consumed: 1.6 billion to 1.75 billion;
  • Operating margin: Will be negative. [more – original PR]

*Based on the average conversion rate at USD1 = BRL1.7470 for the period
**2Q2012 and 1H2012 excludes Webjet

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