By Brazil Stock Guide – Gol Linhas Aéreas reported a second-quarter net loss of BRL 1.53 billion, a 60.8% improvement from the BRL 3.90 billion loss posted in the same period last year, according to financial statements released Friday and reported by Valor Econômico.
Net revenue rose 22.9% to BRL 4.83 billion from BRL 3.93 billion a year earlier, driven by a 19.2% increase in total capacity, measured in available seat kilometers (ASK), following the return of 20 aircraft to its fleet.
Earnings before interest, taxes, depreciation and amortization (Ebitda) fell 6.7% to BRL 382 million from BRL 410 million in the prior-year quarter. Operating loss widened sharply to BRL 349 million from BRL 11 million a year ago.
The company said its net leverage ratio fell from 5.7x to 3.7x after completing a financial restructuring for itself and its subsidiaries on June 6 under Chapter 11 proceedings in the US.
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