Gol returns to operating profit in 4Q2016

Gol revenue up 1% - financial highlights:

• Three months ended 31-Dec-2016:
• • Operating revenue: BRL2664 million (USD807.4 million), +0.5% year-on-year;
  • Operating costs: BRL2469 million (USD748.4 million), -10.1%;
  • • Fuel: BRL678.7 million (USD205.7 million), -22.0%;
    • Labour: BRL480.3 million (USD145.6 million), +24.8%;
  • Operating profit: BRL198.2 million (USD60.1 million), compared to a loss of BRL95.3 million (USD28.9 million) in p-c-p;
  • Net profit (loss): (BRL30.2 million) (USD9.2 million), compared to a loss of BRL1130 million (USD342.5 million) in p-c-p;
  • Passengers: 8.1 million, -15.4%;
  • Passenger load factor: 77.6%, +2.2 ppts;
  • Yield: BRL 25.57 cents (USD 7.8 cents), +3.8%;
  • Passenger revenue per ASK: BRL 19.85 cents (USD 6.0 cents), +6.8%;
  • Revenue per ASK: BRL 22.58 cents (USD 6.8 cents), +6.6%;
  • Cost per ASK: BRL 20.93 cents (USD 6.3 cents), -4.6%;
  • Cost per ASK excl fuel: BRL 15.17 cents (USD 4.6 cents), +1.2%;
  • Average stage length: 1084 km, +16.2%;
• 12 months ended 31-Dec-2016:
• • Revenue: BRL9867 million (USD2844 million), +0.9%;
  • Operating costs: BRL9170 million (USD2643 million, -7.9%;
  • • Fuel: BRL2695 million (USD776.9 million), -18.4%;
    • Labour: BRL1657 million (USD477.5 million), +4.8%;
  • Operating profit: BRL696.5 million (USD200.8 million), compared to a loss of BRL183.8 million (USD53.0 million) in p-c-p;
  • Net profit (loss): (BRL1102 million (USD317.8 million), compared to a loss of BRL4291 million (USD1237 million) in p-c-p;
  • Passengers: 32.6 million, -16.1%;
  • Passenger load factor: 77.5%, +0.3 ppt;
  • Yield: BRL 24.14 cents (USD 7.0 cents), +8.0%;
  • Passenger revenue per ASK: BRL 18.72 cents (USD 5.4 cents), +8.5%;
  • Revenue per ASK: BRL 21.30 cents USD 6.1 cents), +8.3%;
  • Cost per ASK: BRL 19.79 cents (USD 5.7 cents), -1.1%;
  • Cost per ASK excl fuel: BRL 13.97 cents (USD 4.0 cents), +4.4%;
  • Average stage length: 1043 km, +11.7%;
  • Total assets: BRL8404 million (USD2422 million);
  • Cash and cash equivalents: BRL562.2 million (USD162.0 million);
  • Total liabilities: BRL11,761 million (USD3390 million) . [more - original PR]

*Based on the average conversion rate at BRL1 = USD0.303095 for 4Q2016
*Based on the average conversion rate at BRL1 = USD0.288235 for 2016

Gol: "Financial guidance for 2017 is based on GOL's capacity plan and the expected demand for our passenger transportation services, driven by the weak Brazilian economic environment. For 2017, we expect to reduce capacity by 0-2%. Passenger yields are expected to increase 6%, primarily due to an increase in average fare, partially offset by an increase in stage length, and RASK is expected to increase in the range of 7%. Full-year non-fuel CASK is expected to be in the BRL14 cent range, representing a stable level versus 2016. Fuel costs per ASK are expected to increase approximately 18% in the year, due to increases in oil prices." Source: Company statement, 17-Feb-2017.