GOL reports Q2 operating income of R$90mm
GOL Linhas Aéreas Inteligentes has announced a positive second quarter (2Q09) operating result (EBIT) totalling R$89.9 million, with an operating margin of 6.5%, compared with an operating loss of R$295.3 million and a negative margin of 20.2% in 2Q08 and an EBIT of R$105.1 million with a margin of 6.9% in 1Q09. Despite the second quarter being the least favourable of the year due to seasonality, the company achieved positive operating result for the fourth consecutive quarter.
EBITDAR margin stood at 18.6% (R$258.8 million), versus a negative 7.8% in 2Q08 (a negative EBITDAR of R$114.4 million) and a positive margin of 23.7% (R$359.3 million) in 1Q09. GOL posted a 2Q09 net income of R$353.7 million, with a net margin of 25.4%, versus a net loss of R$166.5 million in 2Q08 and net income of R$61.4 million in 1Q09. Operating costs and expenses totalled R$1,304.1 million in 2Q09, 25.9% down on 2Q08.
The company is continuing to restructure its cash and cash equivalents, which totalled R$613.7 million in 2Q09, 55.5% up on the R$394.6 million recorded in the previous quarter. The company intends to achieve a balance of at least R$800 million by the end of 2009 and R$1.2 billion by the close of 2010, representing approximately 13% and 19%, respectively, of last-12-month net revenue.