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GOL announces record first quarter net revenue

GOL Linhas Aereas Inteligentes has announced its results for the first quarter of 2014 (1Q14).

Net revenues reached R$2.5 billion, an increase of 20% (or R$411 million) over the first quarter of 2013 and the company's highest-ever first-quarter figure. Net revenue for the last 12 months stood at R$9.4 billion.

Operating income (EBIT) rose by 43% from 1Q13 to R$144 million in 1Q14, with an operating margin of 5.8%. In the last 12 months, GOL achieved an EBIT of R$309 million and a margin of 3.3%.

The load factor of 76.1% for 1Q14 traffic was an 8.9 percentage point increase over 1Q13 and also a first-quarter record, while yield maintained its upward trajectory, increasing by 4% in the period. These factors helped push RASK and PRASK to R$19.90 cents and R$18.23 cents, respectively.

EBITDAR in 1Q14 was R$493 million, 34% more than in 1Q13. EBITDAR for the last 12 months was R$1,652 million, another company record.

GOL closed 1Q14 with a total cash position of R$2.8 billion, equivalent to 30% of net revenue for the last 12 months. The company remains committed to maintaining ample liquidity, which is essential at times of high volatility in the economic scenario.

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