SÃO PAULO, May 9, 2018
/PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL
and B3: GOLL4), Brazil's #1
airline, announces its consolidated results for the first quarter
2018 (1Q18). All information is presented in accordance with
IFRS.
Financial and Operational Highlights:
- Significantly improved operating indicators: for the quarter,
RPKs increased by 4.5% (from 9.6 billion in 1Q17 to 10.0 billion in
1Q18), mainly due to a 1.8% increase in the number of transported
passengers. Strong demand allowed GOL to continue driving revenue
management; average yield per passenger increased by 10.3% in the
quarter compared to 1Q17, reaching 28.02
cents (R$). Supply growth was measured, with ASKs increasing
3.3% compared to 1Q17 (driven by a 0.7% increase in take-offs and a
3.6% stage-length expansion). As a result, the average load factor
in 1Q18 grew 0.8 pp compared to 1Q17, reaching 80.4%. GOL remained
the industry leader in on-time performance, with 93.7% of flights
on-time in 1Q18 according to Infraero.
- Strong revenue growth: the combination of higher demand and
optimized pricing resulted in net revenue for the quarter of
R$3.0 billion, an increase of 14.4%
compared to 1Q17. Net RASK was 23.87
cents (R$) in 1Q18, an increase 10.7% over 1Q17. Net PRASK
increased 11.5% over 1Q17, reaching 22.53
cents (R$). Average fare increased by 13.1% from
R$296 to R$335. GOL's 2018 guidance is for net revenues of
approximately R$11 billion.
- Controlled cost environment: total CASK in 1Q18 was
19.80 cents (R$), 1.9% higher than in
1Q17, in spite of a less benign jet fuel environment; on an ex-fuel
basis, CASK fell by 4.8%. Excluding gains on aircraft sales CASK
ex-fuel increased by 0.2%. GOL remains the cost leader in
South America for the 17th
consecutive year.
- Continued margin expansion: while the average price of jet fuel
increased by 7.4% in 1Q18 over 4Q17, the combination of stronger
pricing, higher demand, R$19 million
of gains on fuel hedging gains, and R$82
million of gains on aircraft sales permitted GOL's EBIT
margin to expand to 17.0% in 1Q18, the highest first quarter
indicator since 2006 and a 7.1 pp improvement over 1Q17. Operating
income (EBIT) in 1Q18 was R$504.3
million, an increase of 97.4% compared to 1Q17. EBITDA
margin was 22.1% in 1Q18, a growth of 8.1 pp q-o-q. EBITDAR margin
was 30.0% in 1Q18, an increase of 6.7 pp q-o-q over 1Q17. GOL's
2018 guidance is for an EBIT margin of approximately 11%.
- Balance sheet strengthening: net debt (excluding perpetual
bonds) to LTM EBITDA was 2.5x as of March
31, 2018, improving versus the year-end (3.0x) and year-ago
metrics (5.2x). Total liquidity, including cash, financial
investments, restricted cash and accounts receivable, totaled
R$3.1 billion, an increase of 104.9%
versus a year ago.
"We expect to continually drive our efficiency and technology
advantages this year, as well as incorporating the new Boeing 737
Max 8s in the second half of 2018," commented Paulo Kakinoff,
CEO.
Access to 1Q18 earnings release, management videos, presentation
and full financials already available on: www.voegol.com.br/ir
1Q18 Earnings Call: May 9, 2018,
11:00 a.m. (US EDT), Phone: +1 (412)
317-5453, Code: GOL
About GOL Linhas Aéreas Inteligentes S.A.
(www.voegol.com.br): Brazil's
largest airline group with three main businesses: passenger
transportation, cargo transportation and coalition loyalty
program.
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SOURCE GOL Linhas Aéreas Inteligentes S.A.