Gol sees Q3 as bridge to new normal

Gol reported a Q2 loss of R2b ($384m) as the coronavirus crisis ravaged the air transport industry in the Latin American country. Revenue during the quarter was down 89%, at R358m, and the carrier transported just 627,000 passengers, a 92% decline from the same period in 2019, as cases of the highly-contagious virus spiked. But initial signals in the early part of the third quarter have allowed executives at Brazil’s largest carrier to look optimistically toward year-end and beyond. “Our second-quarter results are a reflection of the severe impact that Covid-19 is having on Brazil’s economy, the air transportation industry and our company,” says CE Paulo Kakinoff. But, the airline has seen a small rise in customer demand toward the third quarter, and is increasing capacity in response, Kakinoff adds. CFO Richard Lark says the airline is looking at the third quarter as a “bridge to a new normal”, and it expects in the fourth quarter to operate about 70% of its typical schedule. “Seasonality-wise, the worst part of our year is behind us, now we would be ramping up to the push to the end of the year,” says Richard Lark. That will dovetail well with the easing of restrictions on mobility, he adds.<br/>