Brazil’s GOL reports 2017 net profit down 66% on deferred taxes
GOL reported a BRL378.2m (US$114m) net profit for 2017, a 65.7% drop from BRL1.1b in 2016 net income, as the company paid BRL547m in deferred income taxes during the year. GOL’s full-year revenue totaled BRL10.6b, up 7.2% year-over-year driven by a 3.6% increase in passenger traffic and 4.8% higher stage-lengths, despite a 7% rise in average airfares. Cargo and other revenue (including excess baggage fees) increased 16.2% related, GOL said, to improvements in Brazil’s economy seen in the latter half of the year. Rising fuel prices contributed to a 3.7% rise in GOL’s CASK for the full year. GOL’s operating expenses were up 4.6% to BRL9.6b as fuel expenses rose 7.1% YOY. However, maintenance materials and repairs expenses dropped 37.8% and labour expenses increased by only a modest 3.1%. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2018-03-08/unaligned/brazil2019s-gol-reports-2017-net-profit-down-66-on-deferred-taxes
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Brazil’s GOL reports 2017 net profit down 66% on deferred taxes
GOL reported a BRL378.2m (US$114m) net profit for 2017, a 65.7% drop from BRL1.1b in 2016 net income, as the company paid BRL547m in deferred income taxes during the year. GOL’s full-year revenue totaled BRL10.6b, up 7.2% year-over-year driven by a 3.6% increase in passenger traffic and 4.8% higher stage-lengths, despite a 7% rise in average airfares. Cargo and other revenue (including excess baggage fees) increased 16.2% related, GOL said, to improvements in Brazil’s economy seen in the latter half of the year. Rising fuel prices contributed to a 3.7% rise in GOL’s CASK for the full year. GOL’s operating expenses were up 4.6% to BRL9.6b as fuel expenses rose 7.1% YOY. However, maintenance materials and repairs expenses dropped 37.8% and labour expenses increased by only a modest 3.1%. <br/>
