Gol announced on Tuesday (11) that it achieved a net profit of R$248 million in the third quarter, reversing the negative result of R$1.42 billion recorded in the same period last year.
The airline achieved an operational performance measured by Ebitda of R$1.63 billion, higher than R$491 million recorded in the third quarter of last year.
The company also issued an improved forecast for this year, revising its EBITDA forecast to between R$5.8 billion and R$6.1 billion, compared to the previous forecast of R$5.8 billion.
In addition, the company also revised its leverage forecast to between 3.4 and 3.6 times, compared to expectations of 4.7 times.
In the third quarter, the company’s performance was supported by variables that included a decrease in expenses with aviation fuel and foreign currencies by 11.5%, a growth of about 9% in the supply of seats, with an increase in the aircraft occupancy rate and a slight increase of 1% in the average fare.
The company ended the third quarter with net revenues of R$5.54 billion, 11.6% higher than the previous year’s revenues.
Gol’s leverage ended September at 3.2 times net debt to EBITDA, well below the level of 5.3 times a year earlier.
Gul emerged from a judicial recovery process that took place in the United States at the beginning of June.
According to the company, the reduction in leverage occurred “reflecting negotiations conducted during the Chapter 11 process, the new capital structure, adjustments to fair value and exchange rate changes post-exit, as well as better operating performance.”
The company reported total liquidity at R$5.4 billion at the end of September, with R$2.7 billion in cash on hand and R$2.7 billion in credit card receivables.
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