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12-Mar-2010 5:46 PM

GOL revenue up 4.5%, profits surge despite 29% decline in yield in 4Q2009

GOL revenue up 4.5% - financial/traffic highlights:

  • Three months ended 31-Dec-2009:
    • Revenue: USD888.8 million, +4.5% year-on-year;
      • Ancillary: USD116.8 million, +96.2%;
    • Operating cost: USD823.4 million, +0.2%;
      • Fuel: USD248.3 million, -6.7%;
      • Labour: USD164.7 million, +20.5%;
    • Operating profit: USD65.5 million, +121.2%;
    • Net profit: USD218.6 million, compared to a loss of USD297.6 million in the previous corresponding period;
    • Passenger numbers: 8.4 million, +36.7%;
    • Load factor: 73.4%, +13.9 ppts;
    • Break even load factor: 68.0%, +10.5 ppts;
    • Average fare: USD92.36, -31.1%;
    • Yield: USD 9.93 cents, -29.3%;
    • Passenger revenue per ASK: USD 7.29 cents, -12.9%;
    • Operating revenue per ASK: USD 8.39 cents, -6.7%;
    • Operating cost per ASK: USD 7.77 cents, -10.5%;
    • Operating cost per ASK excl fuel: USD 5.43 cents, -7.5%;
  • 12 months ended 31-Dec-2009:
    • Revenue: USD3,311 million, -5.9%;
    • Operating cost: USD3,084 million, -13.6%;
      • Fuel: USD996.2 million, -31.1%;
      • Labour: USD604.9 million, +11.9%;
    • Operating profit: USD227.1 million, compared to a loss of USD48.7 million in the previous corresponding period;
    • Net profit: USD489.5 million, compared to a loss of USD681.0 million in the previous corresponding period;
  • 2010 Forecast:
    • Passenger numbers: 31.5 million to 36.5 million;
    • Passenger traffic (RPKs): 31.5 billion to 33.0 billion;
    • Capacity (ASKs): 45.0 billion to 47.2 billion;
    • Fleet: 111, stable;
    • Yield: USD 10.71 cents to USD 11.5 cents;
    • Cost per ASK excl fuel: USD 4.89 cents to USD 4.67 cents;
    • Operating margin: 10% to 13%. [more]

*Based on the conversion rate at USD1 = BRL1.82

GOL: “GOL’s yields moved up gradually throughout 4Q09, reaching BRL 18.1 cents, 29.3% down on the BRL 25.6 cents recorded in 4Q08 due to the following factors: (i) lower dollar and WTI oil price volatility; (ii) the reduction in the per-liter fuel cost, which fell by 17.6% year-over-year, from BRL1.58 to BRL1.31; (iii) the 5% drop in commissions paid to travel agents for domestic flights; and (iv) the somewhat irrational economic scenario in September and October, which pushed yields down to below the Company’s expectations. In comparison with 3Q09, the reduction was only 4.4%, September’s low yields being offset by higher-than-4Q09 yields in July and August, albeit with lower load factors,” Company statement. Source: GOL, 11-Mar-2010.

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