Brazilian airline Gol reports third quarter loss, expects better Q4 By Reuters

© Reuters. FILE PHOTO: A Boeing 737 Max airplane of Brazilian airways GOL Linhas Aereas prepares to land at Salgado Filho airport in Porto Alegre, Brazil, December 9, 2020. REUTERS/Diego Vara/File Photograph

By Gabriel Araujo

SAO PAULO (Reuters) – Brazilian airline Gol Linhas Aereas Inteligentes reported on Tuesday a internet lack of 884.6 million reais ($160.54 million) for the third quarter as site visitors remained beneath pre-pandemic ranges.

That in contrast with a lack of 872 million reais a yr earlier and the corporate stated that whereas demand for air journey continued to choose up in Brazil, it has nonetheless solely reached 53% of pre-pandemic ranges.

Gol stated that together with losses from the steep depreciation of the Brazilian actual and non-recurring gadgets, its quarterly internet loss totalled 2.53 billion reais, widening from a lack of 1.72 billion reais a yr earlier.

The group’s internet income totaled 1.9 billion reais within the third quarter, up 96.4% year-on-year, whereas adjusted earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) got here in at 464.7 million reais, a 63.6% rise.

The airline stated it expects capability to develop 29% within the fourth quarter year-on-year on the again of upper vaccination charges, Brazil’s summer time touring season and the resumption of worldwide flights.

“We anticipate a development in gross sales by the top of the yr and are assured that the development will proceed into 2022,” Chief Govt Paulo Kakinoff stated in a securities submitting.

The airline’s liquidity is predicted to succeed in 3.8 billion reais by the top of the yr, from a complete liquidity of two.08 billion reais within the third quarter. Internet debt is seen at 15.8 billion reais, versus 15.5 billion reais for the quarter led to September.

($1 = 5.5103 reais)

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