GOL posts $63.7m 3rd-qtr net income, adds to 737 orderbook

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GOL posts $63.7m 3rd-qtr net income, adds to 737 orderbook

Unread post by bimjim » Thu Nov 18, 2010

http://atwonline.com/news/other-headlin ... =nl_atw_dn

GOL posts $63.7m 3rd-qtr net income, adds to 737 orderbook
GOL posts $63.7 million third-quarter net income, adds to 737 orderbook
By: Linda Blachly
November 18, 2010

GOL reported third-quarter net income of BRL110 million ($63.7 million), up 41.2% from a BRL77.9 million profit in the year-ago period, owing to “the upturn in demand in the domestic and international markets and the company’s continuous focus on reducing its operating costs,” GOL said. The carrier also said it signed an agreement to acquire up to 30 Boeing 737-800NGs valued at approximately $2.7 billion with deliveries beginning in 2014. The order brings GOLs total 737 commitments to 104 firm and 40 option aircraft.

Revenue rose 19.5% to BRL1.8 billion while expenses lifted 14.6% to BRL1.6 billion, producing an operating profit of BRL187.2 million, up 88.9% from an operating profit of BRL99.1 in the prior-year quarter. GOL said its increase in revenue was driven by “higher demand, in turn fueled by dynamic fare management, which made flying more affordable for Brazil’s emerging middle class.”

“GOL continues with its consistent growth trajectory, based on its efforts to provide an increasingly strong operation underpinned by its low-cost, low-fare philosophy, focusing on the domestic market,” GOL said in a statement.

Traffic rose 23.3% to 8.27 billion RPKs for the third-quarter on a 13.5% increase in capacity to 11.6 billion ASKs, producing a load factor of 71.3%, up 5.6 points. Yield increased 2.4% to BRL19.38 cents and RASK grew by 5.3% to BRL15.43 cents. CASK climbed 0.8% to BRL13.8 cents. CASK ex-fuel was BRL8.79 cents, down 1.5%.

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