Performance reflects a decline of 36.2% compared to the same period in 2023; net debt rises to R$27.582 billion
Gol announced a net loss of R$830 million in the 3rd quarter of 2024, a 36.2% drop compared to the negative result of R$1.3 billion a year earlier. The data appears in the company’s quarterly balance sheet, published this Wednesday (13.Nov.2024). Read (PDF – 497 kB).
Recurring EBITDA (earnings before interest, taxes, depreciation and amortization) in the quarter totaled R$1.192 billion. As a result, there was a drop of 4.6% compared to the penultimate quarter of 2023 (R$1.250 billion).
The EBITDA margin was 24%, which represents a difference of -2.8 percentage points year on year.
REVENUE
The airline recorded a 6.3% growth in total net revenue compared to the same period of the previous year.
However, the company showed a slight drop of 0.3% in net revenue per RASK (seat kilometer) and 1.0% in Yield (unit passenger revenue), reflecting the 10% increase in the average flight stage compared to the third quarter of 2023.
“This performance reflects market conditions with an average tariff insufficient to face the exchange rate devaluation observed in the period (greater than 13%)”explains the document.
BOX
Gol closed the 3rd quarter with total cash of R$1.9 billion. When taking into account accounts receivable, the value reached R$5.3 billion, equivalent to 28.3% of the revenue accumulated in the last 12 months.
DEBT
Net debt in the period ended in September was R$27.582 billion, an annual increase of 43.4%. The adjusted net debt/EBITDA ratio was 5.5 times, compared to 4.2 times a year earlier.
JUDICIAL RECOVERY
In early 2024, the company requested . The measure is equivalent to the request for judicial recovery in Brazil. Here is it (PDF – 227 kB).
The process allows Gol to raise funds and carry out financial restructuring while maintaining its operations.
The company informed the market that the restructuring of its debts includes a commitment to receive financing of US$950 million, in the form of “debtor in possession” (debtor in possession, in Portuguese).
Gol’s plan envisages exiting the judicial recovery process by April 2025.
