GOL Linhas Aereas Inteligentes S.A. announces its results for the first quarter of 2009. The following financial and operating information, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS) and in Brazilian Reais (R$.
GOL posted a 1Q09 net income of R$61.4mm, with a net margin of 4.0%, versus net losses of R$20.5mm in 1Q08 and R$541.6mm in 4Q08. This result reflects the Company’s new strategic positioning, focusing operations on the domestic market and South America, and benefits from the 4Q08 consolidation of GOL and VARIG’s operations. This quarter showed a still unfavorable but stable economic environment, marked by the return of fuel costs to levels closer to their historical average. The EBITDAR margin reached 23.7% (R$359.3mm) in 1Q09, versus 15.3% (R$245.7mm) in 1Q08 and 19.1% (R$296.5mm) in 4Q08.
