GOL records 43-percent increase in operating income
SAO PAULO, Brazil - GOL Linhas Aereas Inteligentes SA, the largest low-cost and low-fare airline in Latin America, announces today its results for the first quarter of 2014. Highlights
SAO PAULO, Brazil – GOL Linhas Aereas Inteligentes SA, the largest low-cost and low-fare airline in Latin America, announces today its results for the first quarter of 2014.
Operating income (EBIT) totaled R$144 million in 1Q14, 43% increase versus 1Q13, with an operating margin of 5.8%. In the last 12 months (LTM), GOL achieved an EBIT of R$309 million and a margin of 3.3%.
Net revenues reached R$2.5 billion, 20% or R$411 million, up year over year and the Company’s highest ever first-quarter figure. LTM net revenue stood at R$9.4 billion.
Total load factor of 76.1% on the 1Q14 represented an 8.9 percentage point improvement over 1Q13 and also a first-quarter record, while yield maintained its upward trajectory, increasing by 4% in the period. These factors helped push RASK and PRASK by 18% to R$19.90 cents and R$18.23 cents, respectively.
EBITDAR totaled R$493 million, 34% more than in 1Q13. LTM EBITDAR of R$1,652 million, a Company record, reducing leverage (adjusted gross debt/LTM EBITDAR) from 27.9x, in 1Q13, to 6.5x in 1Q14.
GOL closed 1Q14 with a total cash position of R$2.8 billion, equivalent to 30% of LTM net revenue. The Company remains committed to maintaining ample liquidity, which is essential at times of high volatility in the economic scenario.