GOL Linhas Aéreas Inteligentes (GOL) has confirmed that it expects a Loss Per Share (EPS) and a Loss Per American Depositary Share (EPADS) for the third quarter of 2021 of approximately R$1.331 and US$0.481, respectively. GOL’s EBITDA margin for the quarter is expected to be approximately 35%, an increase in relation to the quarter ended in December 2020 (29.5%).
GOL expects its passenger unit revenue (PRASK) for the fourth quarter to be up approximately 35% year over year. Non-fuel unit costs (CASK ex-fuel) are expected to decrease by approximately 12%2 in relation to the fourth quarter of the prior year, primarily due to increased productivity (increase in ASKs, aircraft utilization and operating efficiency), partially offset by increased depreciation from ten net additional aircraft in the fleet. Fuel unit costs (fuel CASK) are expected to increase by approximately 55% year-over-year, driven by a 75% increase in the average fuel price which was partially offset by a more fuel efficient fleet resulting in a 5% reduction in fuel consumption per flight hour. On a constant fuel unit cost basis to the quarter ended December 2020, the EBITDA margin for the quarter would have been approximately 39%.
GOL's financial leverage, as measured by the Net Debt3/EBITDA5 ratio, was approximately 5.6x at the end of the December 2021 quarter (4.7x in IFRS-16). The Company amortized approximately R$200 million of debt in the quarter, and total liquidity at quarter-end is expected to be at R$3.6 billion.