SAO PAULO – GOL airline raked in a cool US$1.05 billion in its 3rd quarter of 2010 – a growth of 89%. According to the airline, revenue was driven by higher demand, in turn fueled by dynamic fare management, which made flying more affordable for Brazil’s emerging middle class.
The airline’s operating income (EBIT) stood at R$187.2 mm, 88.9% up year-on-year and 226.9% more than in the previous quarter. This result reflects the upturn in demand in the domestic and international markets and the company’s continuous focus on reducing its operating costs.
Total cash ended the quarter at R$1,767.7 mm, an 11.2% increase over 2Q10, and a massive 166.7% up on 3Q09 – equivalent to 26.3% of LTM net revenue, having already achieved its initial 2010 target of at least 25% of net revenue.