GOL reports losses in 3Q2011

GOL revenue up 3% - financial highlights for three months ended 30-Sep-2011:

• Revenue: USD1046 million, +3.1% year-on-year;
  • Ancillary: USD119.8 million, +12.5%;
• Operating costs: USD1089 million, +19.8%;
  • Fuel: USD423.0 million, +28.5%;
  • Labour: USD208.9 million, +17.8%;
• Operating profit (loss): (USD42.6 million), compared to profit of USD106.2 million in p-c-p;
• Net profit (loss): (USD293.1 million), compared to a profit of USD62.4 million in p-c-p;
• Passenger numbers: 9.4 million, +8.0%;
• Load factor: 71.5%, +3.1 ppts;
• Breakeven load factor: 74.4%, +13.1 ppts;
• Average fare: USD98.64, -5.6%;
• Yield: USD 10.40 cents, -7.6%;
• Operating revenue per ASK: USD 8.39 cents, -2.5%;
• Passenger revenue per ASK: USD 7.44 cents, -3.5%;
• Cost per ASK: USD 8.73 cents, +13.4%;
• Cost per ASK excl fuel: USD 5.34 cents, +8.7%;
• Total assets: USD5467 million, +9.5%;
• Cash and cash equivalents: USD739.4 million, +12.3%;
• Total liabilities: USD4334 million, +28.1%;
• 2011 forecast:
  • Passenger numbers: 34 million to 36 million;
  • Yield: USD 10.50 cents to USD 11.24 cents;
  • Cost per ASK excl fuel: USD 5.34 cents to USD 5.11 cents;
  • Operating margin: 1.0% to 4.0. [more - original PR]

*Based on the conversion rate at USD1 = BRL1.7619

GOL: "The period's results, despite falling short of what planned at the beginning of the year, indicate the beginning of a gradual and steady recovery in operating margins. In 4Q2011, GOL expects to consolidate all the initiatives it has implemented during the year, the results of which will become fully apparent in 2012. So far, the Company has recognised overall gains of at least BRL500 million. In 2012, GOL announced its conservative approach towards adding fleet and capacity, projecting an ASK increase of no more than 4% in domestic supply," Constantino de Oliveira Jr, founder and CEO.