Brazilian carrier GOL Linhas Aéreas Inteligentes reported a net loss of 830 million Brazilian reals ($142.6 million) for the third quarter of 2024. However, it is a rebound from last year's third quarter net loss of 1.3bn reals ($223.3 million).
GOL's third quarter report also provided an update on its ongoing Chapter 11 restructuring, stating that it expects to emerge from the process by the end of April 2025. The carrier will submit its restructuring plan to the court before the end of this year.
“The company's management believes that the successful implementation of this reorganisation plan will strengthen the company's capital structure, allowing for a renewed focus on its operations and future growth strategies,” the company read in its report.
As part of the Chapter 11 recovery plan, the company returned five 737-NG aircraft during the quarter. As of the quarter end, it had 138 aircraft in its fleet, down from 141 at the end of the second quarter. The fleet consists of all Boeing aircraft: 49 737 MAXs, 83 737-NG, and six 737-800BCF freighters.
Net revenues in the period were up 6.3% to 5bn reals ($858.3 million), while total operating costs and expenses soared 29.1% to 5bn reals. The company's operating result (EBIT) collapsed from 825 million reals ($141.6 million), down to 3 million reals (around $515,000) in the quarter. The company's operating margin fell 17.6 percentage points to 0.1% in the period.
The airline's capacity was up 6.7%, while load factor was down 0.4 percentage point to 83.3%. The company's loyalty programme, Smiles, recorded 14.4% increase in revenues during the quarter - totalling 1.3bn reals ($223.2 million), as well as a 6.6% increase in customers.