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GOL Sees Slight Profit Growth, But Unit Revenue, Yield Down

From Aviationweek.com 2005 August

GOL yesterday reported a marginally improved profit of R$73.4 million ($31.3 million) for the second quarter despite rapid capacity growth and a drop in unit revenue.

The carrier's passenger revenue per available seat kilometer (ASK) dropped 6.1% from last year, and operating revenue per ASK declined 2.4%. Yield dropped 11%, while net profit increased by just 0.2%. JP Morgan analyst Jamie Baker described the second-quarter unit revenue performance as "alarmingly below forecast," although he noted that "weak revenue trends were offset by better-than-expected cost control."

Overall, revenue increased 45.8% to R$562.2 million, and operating profit dropped 8.4% to R$85 million. Traffic increased 57.3%, capacity grew 49.4%, and load factor improved by 3.7 percentage points to 72.6%. On the cost side, operating cost per ASK was up 9%, although it dropped 2.7%, excluding fuel. Total operating costs grew 63% to R$477.2 million, with fuel price rises accounting for $R95.5 million of the increase.

GOL management said the second-quarter results proved the airline's ability to "grow capacity significantly while maintaining profitability, even during periods of extremely high fuel prices." GOL increased its Brazilian domestic market share to 29% during the quarter.

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