Aviation
Commercial /
Brazil
Improving
Gol releases third quarter results; increases your revenue, reduces losses and becomes frustrated with Boeing
Boeing 737 MAX 8
Image: Gol
Rafael Ramos
11/6/2023
Gol announced today (6) its results for the third quarter of 2023. The company increased its revenue to R$4.7 billion, representing an increase of 16.4%. The higher revenue is explained by the greater number of passengers and occupancy of its flights in the period.
The total Operating Result was R$825.1 million (R$4.665 billion in passenger transport revenues, cargo and other revenues, minus R$3.840 billion in personnel expenses, aviation fuel and other expenses.
“Our net revenue in the third quarter increased 16.4% year over year, with Gol experiencing a strong and stable domestic demand environment. Our operational fleet utilization remained high, at 11.3 hours per day, and we saw a strengthening in our reservation curves, with quarterly sales volume reaching R$5.4 billion. Thanks to the excellent work of our operational team for our customers”, said Celso Ferrer, CEO of the company.
Despite this, the company's financial result was negative, amounting to 2.08 billion reais. Thus, the company had a net loss of R$1.3 billion. This number represents an improvement of 16% compared to the same period last year.
MAIN RESULTS
? The number of Paid Passenger-Kilometers Transported (RPK) increased by 8.2%, while the total Seat-Kilometer Offered (ASK) grew by 5.2%;
? The average aircraft occupancy rate was 83.7%, an increase of 2.4%. The domestic occupancy rate was 83.8%, higher by 2.8%, while the international occupancy rate was 82.3%;
? Operational aircraft utilization increased by 2% to 11.3 hours per day;
? The number of passengers transported grew by 16.4%, to 8.1 million;
? Net Revenue per Seat Kilometer Offered (RASK) increased 10.7% to 43.1 cents (R$);
? The average yield per passenger grew 4.5%, a record 46.9 cents (R$) for a third quarter;
? Cost Per Seat Kilometer (CASK) for passenger operations decreased by 9.5% to 34.92 cents (R$), while CASK ex-fuel for passenger operations increased by 5.0% to 22.28 cents (R$ ). CASK Combustível decreased 25.2% to 12.99 cents (R$), due to the 29.6% reduction in aviation kerosene prices;
? EBITDA was R$1.25 billion with a margin of 26.8%, while EBIT was R$825.1 million with a margin of 17.7%;
? Cash flow from operating activities was R$0.9 billion due to higher operating volumes and working capital initiatives.
PROBLEMS WITH BOEING
The company acknowledged that it is experiencing difficulties in modernizing its fleet because of problems with Boeing, its exclusive aircraft supplier.
Of the 15 B737 MAX 8 planned for this year, the airline received only 1.
The company has a large order for 737 MAX aircraft, 69 B737 MAX 8 and 37 B737 MAX 10, which has not yet been certified by the FAA.
Boeing 737 MAX 8
CC BY SA 4.0, via wikimedia commons
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Rafael Ramos
Aviation enthusiast from an early age, he had his first contacts with the area developing that good old habit of spending dozens of hours in front of the screens of Micrsoft Flight Simulator and other simulators. With a solid background in various technological areas, including engineering and chemistry, Rafael has rejoined aviation as editor and author of articles and materials on our portal, providing invaluable help to the dynamics and expansion of the website and the aeronautical community, bringing us the news and updates so indispensable for us to remain current in our area of operation.
   
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