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Gol falls to $30 million second quarter loss

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Gol falls to $30 million second quarter loss

Unread post by bimjim » Wed Aug 11, 2010

http://atwonline.com/airline-finance-da ... =nl_atw_dn

Gol falls to $30 million second quarter loss
By Aaron Karp
August 11, 2010

Gol reported a second quarter net loss of BRL51.9 million ($29.6 million), reversed from a BRL353.7 million net profit in the year-ago period, as interest expenses, foreign exchange losses and non-recurring maintenance costs weighed on the bottom line.

Quarterly interest expenses totaled BRL81.3 million while foreign exchange losses were BRL29.9 million "mainly due to the impact of the 1.2% appreciation of the dollar on the company's foreign currency debt," Gol said. That was a considerable reversal from foreign exchange gains of BRL448.4 million in the year-ago period on a 15.7% appreciation of the real against the dollar.

Second quarter revenue rose 14.1% year-over-year to BRL1.59 billion "chiefly due to Brazil's healthy economic scenario, which resulted in high consumer confidence indices, in turn encouraging demand growth," the airline said. Expenses lifted 17.6% to BRL1.53 billion and operating income was BRL57.3 million, down 36.3% from a BRL89.9 million operating profit in the 2009 second quarter.

Traffic rose 16.6% to 6.76 billion RPKs on a 14.7% increase capacity to 11.05 billion ASKs, producing a load factor of 61.1%, up 1 point. "The year-over-year demand rise was fueled by the introduction of…new fare categories, which provided a wider array of benefits for the business segment, and increased frequencies on the company's route network, especially for business flights, privileging yields in a seasonally weak quarter," Gol stated.

Yield fell 3% year-over-year to BRL0.209, though the airline said that "excluding non-recurring passenger revenue of BRL42 million in 2Q09, 2Q10 yields grew by 0.6% year-over-year." RASK dipped 0.5% to BRL0.144 while CASK increased 2.5% to BRL0.139. CASK ex-fuel lowered 4.1% to BRL0.087.

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