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13-Aug-2013 2:56 PM

GOL reports significant reduction in losses in 2Q2013, adjusts FY guidace

GOL revenue up 5% - financial highlights:

  • Three months ended 30-Jun-2013:
    • Revenue: BRL1915 million (USD942.1 million), +4.6% year-on-year;
      • Ancillary: BRL192.3 million (USD94.6 million), -15.9%;
    • Operating costs: BRL1950 million (USD959.4 million), -10.8%;
      • Fuel: BRL817.5 million (USD402.2 million), -11.2%;
      • Labour: BRL335.2 million (USD164.9 million), -16.1%;
    • Operating profit (loss): (BRL35.1 million) (USD17.3 million), compared to a loss of BRL354.6 million (USD174.5 million) in p-c-p;
    • Net profit (loss): (BRL433.0 million) (USD213.0 million), compared to a loss of BRL715.1 million (USD351.8 million) in p-c-p;
    • Passenger numbers: 8.7 million, -8.7%;
    • Load factor: 67.7%, -1.8 ppt;
    • Breakeven load factor: 69.0%, -14.0 ppts;
    • Yield: BRL 20.9 cents (USD 10.3 cents), +13.4%;
    • Passenger revenue per ASK: BRL 14.1 cents (USD7.0 cents), +10.5%;
    • Revenue per ASK: BRL 15.7 cents (USD 7.7 cents), +7.5%;
    • Cost per ASK: BRL 16.0 cents (USD 7.9 cents), -8.4%;
    • Cost per ASK excl fuel: BRL9.3 cents (USD 4.6 cents), -8.0%;
  • Six months ended 30-Jun-2013:
    • Revenue: BRL3998 million (USD1967 million), stable;
    • Operating costs: BRL3931 million (USD193 million), -9.5%;
      • Fuel: BRL1725 million (USD848.7 million), -7.8%;
      • Labour: BRL622.1 million (USD306.1 million), -22.9%;
    • Operating profit: BRL66.1 million (USD32.5 million), compared to a loss of BRL347.4 million (USD170.9 million) in p-c-p;
    • Net profit (loss): (BRL508.2 million) (USD250.0 million), compared to a loss fo BRL756.5 million (USD372.2 million) in p-c-p;
    • Passenger numbers: 17.3 million, -11.1%;
    • Load factor: 67.5%, -1.2 ppt;
    • Breakeven load factor: 66.4%, -8.3 ppts;
    • Yield: BRL 21.9 cents (USD 10.8 cents), +13.3%;
    • Passenger revenue per ASK: BRL 14.8 cents (USD 7.3 cents), +11.3%;
    • Revenue per ASK: BRL 16.3 cents (USD 8.0 cents), +8.2%;
    • Cost per ASK: BRL 16.0 cents (USD 7.9 cents), -2.2%;
    • Cost per ASK excl fuel: BRL 9.0 cents (USD 4.4 cents), -3.5%;
    • Total assets: BRL10,348 million (USD5091 million);
    • Cash and cash equivalents: BRL1162 million (USD571.8 million);
    • Total liabilities: BRL8990 million (USD4423 million);
  • 2013 forecast:
    • Cost per ASK excl fuel: BRL10.0 cents (USD4.9 cents) to BRL 9.5 cents (USD 4.7 cents), compared to previous guidance of BRL 10.3 cents (USD 5.1 cents) to BRL 9.7 cents (USD 4.8 cents);
    • Average exchange rate: 2.20 to 2.10, compared to previous guidance of 2.18 to 2.08;
    • Jet fuel price (QAV): 2.48 to 2.38, compared to previous guidance of 2.40 to 2.30;
    • Operating margin: 1% to 3%;
    • Revenue per ASK: equal to or greater than 10%. [more - original PR]

*Based on the average conversion rate at USD1 = BRL2.0325

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