SAO PAULO, Aug. 2, 2018 /PRNewswire/ -- GOL Linhas
Aéreas Inteligentes S.A. (NYSE: GOL and B3: GOLL4), Brazil's #1 airline, announces its
consolidated results for the second quarter 2018 (2Q18). All
information is presented in accordance with IFRS.
Financial and Operational Highlights:
- Significantly improved operating indicators: RPKs increased by
2.5% to 8.3 billion in 2Q18, mainly due to a 4.1% increase in the
number of transported passengers. As a result of strong passenger
demand and GOL's continued focus on revenue management, the Company
was able to achieve (i) an average yield per passenger of
25.74 cents (R$), an increase of 7.6%
compared to 2Q17, (ii) an average load factor 78.1%, an increase of
0.2 p.p. compared to 2Q17, and (iii) on-time performance of 93.6%
in 2Q18 according to Infraero.
- Strong revenue growth: the combination of higher demand and
optimized pricing resulted in net revenue for the quarter of
R$2.4 billion, an increase of 9.0%
compared to 2Q17. Net RASK was 22.05
cents (R$) in 2Q18, an increase of 6.7% over 2Q17. Net PRASK
increased 8.0% over 2Q17, reaching 20.11
cents (R$). Average fare increased by 6.0% from R$268 to R$284.
GOL's 2018 net revenue guidance is approximately R$11.5 billion.
- Controlled cost environment: due to higher jet fuel prices,
total CASK in 2Q18 increased 5.9% to 21.66
cents (R$) relative to 2Q17. On an ex-fuel basis, CASK fell
by 1.4%. 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 12.6% in 2Q18 over 1Q18, the combination of stronger
pricing, higher demand, and R$36
million of operating results in hedging, permitted GOL's
EBIT margin to expand to 1.8% in 2Q18, the highest second quarter
indicator since 2010 and a 0.8 p.p. improvement over 2Q17.
Operating income (EBIT) in 2Q18 was R$42.8
million, an increase of 92.7% compared to 2Q17 (R$22.2 million). EBITDA margin was 8.8% in 2Q18,
a growth of 2.3 p.p. q-o-q. EBITDAR margin was 20.3% in 2Q18, an
increase of 2.6 p.p. q-o-q over 2Q17. GOL's 2018 EBIT margin
guidance is approximately 11%.
- Balance sheet strengthening: While the Real depreciated 16.0%
against the U.S. dollar in 2Q18 (end of period) causing a net
exchange and monetary variation loss of R$1.0 billion, net debt (excluding perpetual
bonds) to LTM EBITDA was 2.9x as of June 30,
2018, up versus March 31, 2018
(2.5x) and improving versus a year-ago metrics (4.2x). In 2Q18, the
Company redeemed its Senior Notes due 2023 for R$80.7 million. Total liquidity, including cash,
financial investments, restricted cash and accounts receivable,
totaled R$3.0 billion, flat in
comparison to March 31, 2018 and an
increase by R$1.3 billion versus a
year ago. The combination of GOL's operational cash flow generation
of R$588.7 million in the quarter and
improved cash liquidity increased the Company's financial
flexibility.
"We expect to continually drive our operational efficiency and
capacity rationalization. In June, we took delivery of our first
737 MAX 8 aircraft, which enable GOL to serve Brazil's large addressable market of
passengers traveling between Midwest/Northeast Brazil and the State of Florida," commented Paulo Kakinoff,
CEO.
Access to 2Q18 earnings release, management videos, presentation
and full financials already available on: www.voegol.com.br/ir
2Q18 Earnings Call: August 2,
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.