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GOL reports losses in 2011, expects to be profitable in 2012

27-Mar-2012 4:52 PM

GOL revenue up 20% – financial highlights:

  • Three months ended 31-Dec-2011:
    • Revenue: BRL2234 million (USD1228 million), +19.5% year-on-year;
      • Ancillary: BRL235.5 million (USD129.5 million), +36.9%;
    • Total operating costs: BRL2267 million (USD1247 million), +41.0%;
      • Fuel: BRL915.4 million (USD503.3 million), +56.6%;
      • Labour: BRL447.6 million (USD246.1 million), +30.3%;
    • Operating profit (loss): (BRL33.9 million) (USD18.6 million), compared to a profit of BRL261.9 million (USD144.0 million) in p-c-p;
    • Net profit: BRL54.3 million (USD29.9 million), -58.9%;
    • Passenger numbers: 8.7 million, -3.4%;
    • Load factor: 64.3%, -3.4 ppts;
      • Domestic: 64.7%, -3.8 ppts;
      • International: 60.4%, -0.6 ppt;
    • Yield: BRL 21.4 cents (USD 11.77 cents), +1.8%;
    • Revenue per ASK: BRL 15.7 cents (USD 8.63 cents), stable;
    • Passenger revenue per ASK: BRL 14.0 cents (USD 7.70 cents), -1.7%;
    • Operating cost per ASK: BRL 15.9 cents (USD 8.74 cents), +17.8%;
    • Cost per ASK excl fuel: BRL 9.47 cents (USD 5.21 cents), +10.4%;
  • 12 months ended 31-Dec-2011:
    • Revenue: BRL7539 million (USD4145 million), +8.0%;
      • Ancillary: BRL826.3 million (USD454.3 million), +17.7%;
    • Total operating costs: BRL7726 million (USD4248 million), +23.0%;
      • Fuel: BRL3061 million (USD1683 million), +33.8%;
      • Labour: BRL1560 million (USD858.0 million), +24.6%;
    • Operating profit (loss): (BRL186.7 million) (USD102.7 million), compared to a profit of BRL697.8 million (USD383.7 million) in p-c-p;
    • Net profit (loss): (BRL710.4 million) (USD390.6 million), compared to a profit of BRL214.2 million (USD117.8 million) in p-c-p;
    • Passenger numbers: 34.9 million, +5.9%;
    • Load factor: 72.1%, +1.8 ppt;
      • Domestic: 70.2%, +1.7 ppt;
      • International: 78.8%, +2.4 ppts;
    • Yield: BRL 19.51 cents(USD 10.73 cents), -4.8%;
    • Revenue per ASK: BRL 15.04 cents (USD 8.27 cents), -1.0%;
    • Passenger revenue per ASK: BRL 13.39 cents (USD 7.36 cents), -2.0%;
    • Operating cost per ASK: BRL 15.41 cents (USD 8.47 cents), +12.7%;
    • Cost per ASK excl fuel: BRL 9.31 cents (USD 5.12 cents), +7.0%;
    • Total assets: BRL10,655 million (USD5859 million), +17.6%;
    • Cash and cash equivalents: BRL1230 million (USD676.5 million), -37.1%;
    • Total liabilities: BRL8449 million (USD4646 million), +37.7%;
  • 2012 forecast:
    • Passenger numbers: 42 million to 45 million;
    • Domestic passenger traffic growth: +7.0% to +10.0%;
    • Domestic load factor: 71% to 75%;
    • Cost per ASK excl fuel: BRL 9.0 cents (USD 4.95 cents) to BRL 9.6 cents (USD 5.28 cents);
    • Operating margin: 4.0% to 7.0%. [more – Original PR]

*Based on the average conversion rate at USD1 = BRL1.81868

GOL: “GOL estimates growth in the industry’s domestic demand of between 7% and 10%, reflecting economic growth and the increased demand for national air travel, with projected elasticity to Brazilian GDP growth of between 2.5x and 3.0x. GOL is planning to grow its domestic supply (ASK) by between 0% and 2%, resulting in load factors of between 71% and 75%. Yields should remain on their progressive recovery trajectory, thanks to the prudent measures adopted by the Company and the industry concerning future seat supply,” Company statement. Source: GOL, 27-Mar-2012.