Brazil airline Gol says it has enough cash to run until the end of the year

Brazil’s largest airline Gol Linhas Aereas Inteligentes said Monday it has enough cash to keep the airline afloat until the end of the year and still have significant reserves leftover, despite the coronavirus crisis. Still, the airline was bleeding money before the outbreak grounded almost all air traffic around the world. In Q1, Gol posted a loss of 2.3b reais ($419m), almost entirely due to the depreciation of the Brazilian currency. Coronavirus barely factored in the steep loss, Gol said. A year ago, the airline posted a loss of 32m reais. The results are unaudited, Gol said, because its independent accountants requested two more weeks to finish their review. What the accountants may have to say, however, is significant in the middle of this crisis. Gol said it hopes to reduce its daily cash burn rate to 7m reais in H2 2020. If it accomplishes this rate, it said it would have 2.6b reais in cash at the end of 2020.<br/>