36% drop in profit, the airline’s operational challenges and weak seasonality influence the bank’s decision
In a context of financial difficulties, the bank recommends the sale of shares, as published in a note to the market and customers this Wednesday (13.Nov.2024). The guidance comes after the airline reported a net loss of R$830 million in the third quarter of 2024 (July to September), a drop of 36% compared to the same period of the previous year.
“Gol recorded weak results, as expected, reflecting the impacts of the floods in Rio Grande do Sul and weak seasonality”said the bank in a note.
According to BTG, the data was pressured by non-recurring impacts related to Chapter 11 in the amount of R$700 million. “Excluding these items, recurring EBITDA was R$1.2 billion”he detailed, mentioning that this number was 31% lower than expected.
When citing details brought by the company about Chapter 11, analysts remember the conclusion of negotiations with lessors in September, with approval of restructuring agreements. A detailed plan must be presented by the end of this year, so that the restructuring can take place by April next year.
“We hope the market follows updates on this front, in addition to monitoring volumes and yields, fuel prices, exchange rate volatility and fleet”highlighted the bank in the document.
With information from .
