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11-May-2011 1:13 PM

GOL net profit surges in 1Q2011

GOL revenue up 10% – financial* highlights for the three months ended 31-Mar-2011:

  • Revenue: USD1181 million, +9.6% year-on-year;
    • Ancillary: USD119.6 million, +18.5%;
  • Operating costs: USD1061 million, +10.7%;
    • Fuel: USD417.0 million, +21.4%;
    • Labour: USD224.0 million, +26.4%;
  • Operating profit: USD120.3 million, +0.9%;
  • Net profit: USD68.9 million, +362%;
  • Passenger numbers: 8.6 million, +7.4%;
  • Load factor: 72.3%, +2.1 ppts;
  • Breakeven load factor: 64.9%, +2.5 ppts;
  • Average fares: USD123.5, +1.2%;
  • Yield: USD 12.36 cents, -0.9%;
  • Operating revenue per ASK: USD 9.95 cents, +3.0%;
  • Passenger revenue per ASK: USD 8.94 cents, +2.1%;
  • Operating cost per ASK: USD 8.94 cents, +4.0%;
  • Cost per ASK excl fuel: USD 5.42 cents, -1.6%;
  • Average sector length: 930 km, +3.9%;
  • Total assets: USD5622 million, -0.5% when compared to period ended 31-Dec-2010;
  • Cash and cash equivalents: USD1120 million, -8.1% when compared to period ended 31-Dec-2010;
  • Total liabilities: USD3762 million, -1.6% when compared to period ended 31-Dec-2010;
  • FY2011 forecast:
    • Passenger numbers: upgraded from 33-36 million to 34-36 million;
    • Demand (RPKs): Upgraded from 32-35 billion to 33-35 billion;
    • Capacity (ASKs): Downgraded from 48-51.5 billion to 48-50 billion;
    • Fleet: 115 aircraft;
    • Yield: USD 12.15 cents to USD 13.09 cents;
    • Cost per ASK excl fuel: Upgraded from USD 5.55-USD5.30 cents to USD 5.42-USD 5.17 cents;
    • Operating margin: Downgraded from 11.5%-14% to 6.5%-10%. [more]

*Based on the conversion rate at USD1 = BRL1.6045

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