GOL announces third quarter results

GOL Linhas Aereas Inteligentes, the largest low-cost airline in Latin America, announced its results for the third quarter of 2014. Operating income (EBIT) registered R$152min 3Q14, R$115m up over 3Q13, with an operating margin (EBIT) of 6.2%, up by 4.5 points. The last twelve months (LTM) EBIT totaled R$497m, with an operating margin of 4.9%. Net revenue reached R$2.bn, 10% up over the 3Q13, of which R$2.2bn refers to passenger revenues. Net revenue from cargo and others totaled R$272m, increasing its share from 8% in 3Q13 to 11% of the total revenue. Net revenue LTM stood at R$ 10bn, a new record, with international revenue accounting for 11% of total revenues, reaching R$1.1bn. EBITDAR totaled R$463m, 24% up on 3Q13. The EBITDAR LTM came to a record registering R$1.9bn, reducing the financial leverage ratio (adjusted gross debt/EBITDAR) by 4.6 points, from 10.9x in 3Q13, to 6.3x in 3Q14.