GOL Linhas Aéreas has announced its consolidated results for the third quarter of 2023. According to our partner publication AEROIN, the airline achieved its highest-ever third-quarter revenue, totaling $4.7 billion Brazilian Reais (R$). This marks a 16.4% increase compared to the same quarter last year. However, the net result still showed a loss of R$1.3 billion, reflecting a 16.0% improvement over the third quarter of the previous year.
This loss was primarily attributed to negative financial results. According to the company’s financial statements, the operating result reached a positive R$825.1 million, derived from R$4.665 billion in revenue from passenger transport, cargo, and other sources, minus R$3.840 billion in personnel expenses, fuel, and other costs.
GOL explained that a significant portion of this negative result was due to fluctuations in the exchange rate. Excluding the negative exchange rate variation of R$1.0 billion, the net loss would have been R$0.3 billion. The company emphasized that it maintained its focus on improving productivity through an efficient fleet and disciplined performance management.
Celso Ferrer, CEO of the airline, stated, “Thanks to our team’s excellent work, we continue to strengthen our operational reliability, contributing to a record third-quarter revenue with an operating margin of 17.7%, one of the best in the industry. Our strategy to diversify revenue sources demonstrates that we are moving in the right direction.”
Third Quarter 2023 Results Summary (vs. 2022)
Passenger-Kilometer Revenue (RPK) increased by 8.2%, while Available Seat-Kilometer (ASK) grew by 5.2%. Net Revenues rose by 16.4% to R$4.7 billion. Smiles and Gollog units surged by 65.1% to $412.6 million. The global load factor was 83.7%, a 2.4-percentage point increase. Domestic occupancy reached 83.8% (+2.8), while international was at 82.3%.
Carla Fonseca, Vice President of Customer Experience, Marketing, Sales Channels, and President of Smiles, emphasized, “We continue to offer quarterly growth compared to last year, both in total revenue and unit revenue. The trend and consistency our numbers have shown in each quarter, combined with the ongoing demand recovery, indicate that we are reaping the benefits of our strategy.”
The number of passengers transported increased by 16.4% to 8.1 million. Cost per Available Seat-Kilometer (CASK) for passenger operations decreased by 9.5% to 34.92 cents (R$), while CASK excluding passenger fuel operations increased by 5.0% to 22.28 cents (R$). Fuel CASK decreased by 25.2% to 12.99 cents (R$) due to a 29.6% reduction in prices.
Fleet Updates
The company has faced delays and uncertainties in the delivery schedule of Boeing 737 MAX 8 aircraft. As of September 30, 2023, GOL Linhas Aéreas had a total fleet of 141 Boeing aircraft, including 39 737 MAX, 97 737 NG, and five Boeing 737-800BCF cargo planes. Additionally, they have 106 firm orders, comprising 69 of the 737 MAX 8 model and 37 of the MAX 10 model.
