GOL Announces net income of R$77.9mm in 3Q09

10th Nov 2009
GOL Announces net income of R$77.9mm in 3Q09

GOL Linhas Aereas Inteligentes S.A. (Bovespa: GOLL4 and NYSE: GOL), the largest low-cost and low-fare airline in Latin America, announces today its results for the third quarter of 2009 (3Q09).

GOL posted a 3Q09 net income of R$77.9mm, with a net margin of 5.2%, versus a net loss of R$510.7mm in 3Q08 and net income of R$353.7mm in 2Q09.

Reflecting the optimization of its cost structure and the focus on more profitable markets, GOL’s 3Q09 operating result (EBIT) was positive for the fifth consecutive quarter, totaling R$99.1mm, with an operating margin of 6.6%

The EBITDAR margin stood at 20.0% (R$298.7mm), versus 14.2% in 3Q08 (R$253.7mm) and 18.6% (R$258.8mm) in 2Q09.

Operating costs and expenses totaled R$1,397.5mm in 3Q09, 17.0% down year-over-year


On August 25, GOL announced a global share offering designed to strengthen its financial position and reposition it among the most competitive airlines in the world, with a cash position of more than 20% of net revenue. The offering was successfully concluded on October 19, having raised R$627.1mm from the issue of 38.0mm shares at R$16.50 per share. In addition, a further 5.2mm preferred shares were sold at the same price through an over-allotment option (green shoe). As a result, GOL’s free float increased from 44.5% of preferred stock to 70.5% and from 22.2% of total capital to 35.3%.

As of July 31, VoeFacil, GOL’s air transport popularization program which allows passengers to acquire their tickets in up to 36 installments, became available in travel agencies.

In 3Q09, GOL received IOSA certification (IATA Operational Safety Audit) from the IATA, recognized as the global benchmark for assessing airlines’ operational safety management and controls. Up to November 2009, GOL had signed 4 code-share agreements, which involve the sharing of flights and the gradual integration of SMILES with the mileage programs of the world’s leading long-haul airlines:

I. American Airlines, II. AirFrance/KLM, III. Iberia, IV. AeroMexico.

All in all, these companies carried more than 1.2 million passengers in 2008 from Brazil to foreign countries, or 18.6% of the total on international flights to Brazil.

At the beginning of June, the Company became the first airline in Brazil to introduce Buy on Board, once again underlining its pioneering vocation.

Also in October, GOL became the first airline in Latin America to issue UATPs (Universal Air Travel Plans). This is a new means of payment designed to cut sales costs by reducing or eliminating credit card operating charges for airlines. UATPs are accepted by more than 250 associated airlines, representing more than 95% of worldwide seat supply.


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