Brazilian airline Gol loses R$ 6,005 million until September due impact of the pandemic.

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The Brazilian airline Gol Linhas Aéreas Inteligentes registered net attributed losses of 6,005 million Brazilian reals (895.8 million euros) in the first nine months of the year, a ‘red number’ that multiplies by thirteen the losses of 469 million reals (70 million euros) registered in the same period of the previous year, according to the company’s quarterly accounts presented on Wednesday, reported Notimérica.

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The company explained that the losses are mainly associated with the pandemic crisis, which has hit the airline industry particularly hard. However, Gol’s CEO, Paulo Kalkinoff, highlighted the “promising results” of the third quarter, which reflect the revival of air demand in Brazil. “The number of passengers has tripled during the third quarter compared to the previous quarter,” said Kalkinoff.

The company’s turnover during the period contracted by 55.5%, to 4,480 million reais (670.1 million euros); as a result of the 57.2% fall in revenue from passengers, with 4,063 million reais (607.8 million euros).

See also: Interjet and the challenge of rising from the crisis.

Specifically, income from passengers carried (RPK) fell by 55.3% up to September, with 13,884 million Reais (2,080.5 million Euros); influenced by the fall in the domestic market (-52.9%) and the international market (-70%).

On the other hand, the operating costs of the company were 5,113 million reais (764.8 million euros), 40.7% less; while the item for wages and salaries fell by 52%, with 823.3 million reais (123.3 million euros), given the temporary suspension of contracts and the reduction in wages due to the crisis.

The operating result of the company during the first nine months of the year went into negative territory, with a loss of 632.6 million reais (94.7 million euros), which contrasts with the positive result of 1,438 million reais (215.4 million euros) in the same period of the previous year.

With regard to the third quarter, the company recorded a net loss of 1,719.8 million reais (257.4 million euros), with a net income of 974.9 million reais (146 million euros), 73.7% less.

Gol’s forecasts for the fourth quarter point to a level of activity of 78% compared to the same quarter last year, with a fleet of 92 aircraft, while maintaining “significant flexibility to respond to prevailing market trends”. At the same time, the company expects to increase revenues by 130% at the end of December and reduce costs by approximately 16%.

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