Brazilian airline Gol bounces back to Q2 profit
Brazilian airline Gol on Thursday surprised analysts by bouncing back to a second quarter net profit, but trimmed its full-year revenue forecast as it sees capacity growing by less than previously expected.
Gol said in a securities filing it made a second-quarter net profit of 556.3 million reais ($117.4 million), reversing a 2.8 billion real loss a year earlier on higher revenue and foreign exchange gains.
Analysts had expected a net loss of 152.5 million, according to Refinitiv Eikon data.
The outperformance sent shares in the firm up as much as 5.6% in early Sao Paulo trading, making it one of the top gainers on Brazil’s benchmark stock index Bovespa, which was near flat.
Operating net revenue hit a record high for the second quarter of 4.14 billion reais, up 27.9% year on year, Gol said, also beating the 4.08 billion expected by analysts polled by Refinitiv.
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“We delivered solid operational performance,” Chief Executive Celso Ferrer said in a statement. “We continue to prioritize reliability, profitability, and strengthening of our balance sheet.”
Despite the positive quarterly revenue figures, Gol trimmed its full-year net revenue outlook to about 19.3 billion reais from 19.5 billion, as available seat kilometers are poised to grow by less than previously thought.
The carrier added it now forecasts its 2023 EBITDA margin to reach about 25%, up from 24% before.
Ferrer said the company remains committed to maintaining low unit cost levels, adding that low-cost discipline would “further strengthen Gol’s competitive advantage” as capacity grows.
Foreign exchange swings, which had hit the company hard in previous quarters, provided Gol with 963.1 million-real gains in the three months through June as the Brazilian real strengthened against the dollar.
If it weren’t for those gains, Gol said, the carrier would have posted a 415.7 million-real net loss in the period, Reuters reports.
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