GOL and Skywest report financial results

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