Gol announced on Tuesday (11th) that its net income for the third quarter was 248 million reais, a reversal from the negative 1.42 billion reais recorded in the same period last year.
The company’s operational performance, as measured by Ebitda, was R$1.63 billion, higher than the R$491 million recorded in the third quarter of last year.
The company also announced improved forecasts for this year, revising its recurring EBITDA forecast to R$5.8 billion to R$6.1 billion from the previous R$5.8 billion.
Additionally, the company revised its leverage forecast from 4.7x to 3.4-3.6x.
The company’s performance in the third quarter was supported by variables such as an 11.5% decline in aircraft fuel, foreign exchange and other expenses, an approximately 9% increase in seat capacity, increased aircraft occupancy and a modest 1% increase in average fares.
The company ended the third quarter with net revenue of R$5.54 billion, 11.6% higher than the same period last year.
Gol’s financial leverage was 3.2 times net debt to recurring EBITDA at the end of September, significantly lower than the level of 5.3 times in the same period last year.
Gol appeared in court in the United States in early June after completing judicial recovery procedures.
The company said the deleveraging “reflects improved operating results, as well as negotiations conducted during the Chapter 11 process, new capital structure, and post-exit fair value and exchange rate fluctuation adjustments.”
The company announced that its total liquidity at the end of September was 5.4 billion reais, with available cash of 2.7 billion reais and credit card receivables of 2.7 billion reais.
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