Airline reversed profit from the same period in 2023; revenue fell 5%, and the company attributed the drop to rains in RS
GOL Linhas Aéreas reported a loss of R$3.9 billion in the 2nd quarter of 2024, reversing the profit of R$556 million in the same quarter of 2023. The airline released its balance sheet this Wednesday (Aug 14, 2024). Here is the full (PDF – 454 kB).
Net operating revenue was R$3.9 billion, which represents a 5% drop compared to the same period in 2023. Revenues were divided into:
- R$3.4 billion from passenger transport;
- R$ 459 million from cargo transportation and others.
Due to the rains that flooded Salgado Filho International Airport in Porto Alegre, the company estimates that it suffered R$120 million in losses. Without this impact, revenue in the quarter would have fallen by only 2.1%.
The company transported 6.7 million people in the period, 6.3 million of which were within the national territory and 400,000 on international trips – a reduction of 25.9% compared to the 2nd quarter of 2023.
GOL’s recurring EBITDA (earnings before interest, taxes, depreciation and amortization) closed at R$410 million. The result represents a 56.8% drop compared to the 2nd quarter of last year. The indicator measures a company’s productivity and ability to increase cash.
In the quarter, GOL acquired a Boeing 737-MAX 8 aircraft. At the same time, in an initiative to renew its fleet, it returned 2 Boeing 737-NG aircraft. In total, the airline has 141 aircraft from the North American company in its fleet.
JUDICIAL RECOVERY IN THE USA
In June, the company announced that it had filed a request for judicial recovery in the United States. The “Chapter 11” (as the legal process is called in the country) allows the company to raise funds and carry out a financial restructuring while maintaining its operations.
In the statement to the market this Wednesday (14th August), Gol says that it has not yet submitted a recovery plan to the Bankruptcy Court – the Court extended the deadline until October 21st – and that “expects that any proposed plan of reorganization will address, among other things, mechanisms to resolve claims of shareholders and current creditors against the Company”.
Bankruptcy Court approved a negotiation between the airline and Banco Santander (do Brasil), Banco do Brasil and Bradesco on August 2. The agreement dictates a guaranteed line for the assignment of receivables.
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