GOL posts second quarter 2015 financial results

GOL reported that net revenue reached R$2.1bn in the second quarter of 2015, a 10.5% decline compared to the same period in 2014 – reflecting the country’s economic activity slowdown. Ancillary and cargo revenues reached R$284.3m, an increase of 13.8% compared to 2Q14, representing 13.3% of total net revenues. International revenues had a share of 8.6%, reaching R$182.6m. Impacted by the economic scenario, the Company had a negative operating result (EBIT) of R$251.1m in 2Q15, with a negative operating margin of 11.8%, compared to operating income of R$37.8m and margin of 1.6% in 2Q14. EBITDAR totaled R$90.7m with a margin of 4.3% , a decrease of 11.5 p. compared to the same period of 2014. EBITDAR reached R$1.5bn with a margin of 15.3%. GOL ended the second quarter of 2015 with a solid cash position of R$2.1bn, representing 20.9% of the last twelve months net revenue. The Company announced a new supply guidance for the year 2015, with the range of zero to a 1% reduction in the number of seats for the domestic market, resulting in a reduction of between 2% to 4% in the second half, when compared to the same period 2014.