GOL Linhas Aéreas Inteligentes has announced its results for the first quarter of 2009 (1Q09) featuring a turnaround of more than R$81 million compared with 1Q08.
GOL posted a 1Q09 net income of R$61.4 million, with a net margin of 4.0%, versus net losses of R$20.5mm in 1Q08 and R$541.6 million in 4Q08. The result reflects the company’s new strategic positioning, focusing operations on the Brazilian domestic market and South America, and benefits from the 4Q08 consolidation of GOL and VARIG’s operations. The airline notes that 1Q09 showed "a still unfavourable but stable economic environment, marked by the return of fuel costs to levels closer to their historical average".
The EBITDAR margin reached 23.7% (R$359.3 million) in 1Q09, against 15.3% (R$245.7 million) in 1Q08 and 19.1% (R$296.5 million) in 4Q08. Net revenue totalled R$1,517.0 million, down 5.4% and 2.0%, respectively, from 1Q08 and 4Q08, due to the consolidation and optimisation of the network, which eliminated flight overlaps.
Operating costs and expenses reached R$1,411.9 million, 9.2% less than 1Q08 and down 5.5% from 4Q08, with the reduction in sales and fuel expenses.
GOL restructured its fleet plan based on the disciplined growth of its service offering and the operation of new aircraft, which help reduce maintenance costs and increase passenger satisfaction. The company has rescheduled the delivery of 20 Boeing aircraft from 2011 and 2012 to between 2011 and 2014.
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