Gol Linhas Aéreas Inteligentes (Gol) reported a 52.8% year-on-year revenue rise in the first quarter of 2023 for a record R$4.9bn (US$ 980 million), as passenger traffic climbed 17.7% to 7.9 million.
Net income came to R$619.5 million, or 1.48/share, with recurring net income of around R$136 million. Earnings (recurring EBITDA) came to R$1.2bn with a margin of 25.2%, with recurring EBIT of R$841.5 million with a margin of 17.1%
Ancillary revenues topped R$380 million, an increase of 83%, while revenue passenger kilometers (RPK) increased by 14.1%, and available seat kilometers (ASK) by 11% and the carrier's load factor increased by 2.3 percentage points to 83.3%
Net revenue (RASK) increased by 37.7% to 43.8 cents, with the average yield per passenger increasing by 32% to 48.5 cents, the highest in GOL’s history.
But the carrier felt the impact of a 24% jump in fuel prices, meaning rost per available seat kilometer (CASK) increased by 20.9% to 36.35 cents.
"During the quarter, the Company concluded its tenth capital raise in the last three years, which led to a reduction of its short-term liabilities. The quarter also showed ongoing improvement in operating results which advanced GOL’s recovery process, and positioned the Company to make even further gains as growth in air travel continues," GOL reported in its results statement.
"We continue to add supply and with our disciplined approach to costs further drive higher levels of productivity," said chief executive Celso Ferrer.
"We also successfully completed a transformative financial transaction that strengthens our capital structure, significantly reduces maturities over he next three years, and provides an additional source of liquidity to help drive our growth," Ferrer added.