GOL Linhas Aereas Inteligentes (GOL) announces its consolidated results for the third quarter of 2015. Net revenue reached R$2,489.6 million in the quarter, an increase of 1.1%, and R$7,126.0 million in 9M15, a decline of 2.9%, compared to the same periods in 2014.
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All information is presented in accordance with International Financial Reporting Standards (IFRS) and in Brazilian Reais (R$), and all comparisons are with the third quarter of 2014 unless otherwise stated.
Ancillary and cargo revenues reached R$306.7 million, an increase of 12.6% compared to 3Q14, representing 12.3% of total net revenues. International revenues reached R$346.4 million, representing a 13.9% share of the total.
GOL's domestic demand grew by 1.8% in the quarter and 3.8% in 9M15. This had a positive effect on the load factor of domestic flights, which increased to 79.3% in 3Q15 (an increase of 1.0 p.p.) and 78.7% from January to September (an increase of 1.7 p.p.). During the quarter, the total load factor expanded by 1.1 p.p. compared to the previous year, reaching 78.6%.
Net RASK was R$20.21 in the quarter and total CASK was R$20.13, an increase of 6.4% compared to 2014. CASK, excluding fuel, was up by 19.2% in the same comparison, mainly impacted by an increase of 55.5% in the price of the Dollar against the Real.
The operating result (EBIT) was R$8.9 million, down R$143.1 million compared to 3Q14. Operating margin was positive by 0.4% in the quarter, resulting in a decline of 5.8 p.p. due to the drop of the Brazilian economy activity and increased costs, mainly those denominated in US Dollars.
EBITDAR was R$377.5 million, with a margin of 15.2%, a decrease of 3.6 p.p. compared to the same period of 2014. For 9M15 and the last twelve months, EBITDAR was R$937.1 million and R$1,419.3 million, with margin of 13.2% and 14.4%, respectively.
GOL recorded a net loss of R$2,133.6 million in 3Q15, of which R$1,440.6 million, or 67.5%, are related to net monetary and exchange rate variations, mainly impacted by the mark to market valuation of the company's financial liabilities from the Dollar price of R$3.97, compared to R$3.10 in 2Q15 (a variation of 28.1%).
GOL ended the third quarter of 2015 with a solid cash position of R$3,073.3 million, representing 31.2% of the last twelve months net revenue. This is one of the highest rates in the whole of the aviation industry and considers the capital increase of R$461.3 million and the issuance of a long term loan with third parties in the amount of $300 million, with Delta Air Lines as the guarantor of the transaction.
The company announced new operating margin (EBIT) guidance for 2015, with the range of -2% to neutral, compared the guidance of between 2 to 5%. ■