Brazilian airline Gol reports Q2 net loss, but net revenue jumps

Brazilian airline Gol Linhas Aereas Inteligentes Thursday reported a steep second-quarter net loss mainly due to foreign exchange variations, sending its shares down even as its net revenue more than tripled over the same period of 2021. The company also provided new forecasts for 2022 to reflect frequent jet fuel price increases and pass-through effects on fares, lowering its outlook for key metrics such as EBITDA margin and load factor but increasing its revenue forecast. Gol's quarterly net loss reached 2.85b reais ($544m) versus a profit of 658m a year earlier, but the company said the bottom line was heavily affected by currency swings. Shares were down 5.3% at 8.55 reais in morning trade, erasing part of a 10.9% jump the previous day and making them the biggest losers on Brazil's Bovespa stock index (.BVSP), which was virtually flat. Gol's operating net revenue jumped 215.3% to 3.24b reais, topping the 3.11b expected by analysts polled by Refinitiv. "The company recorded the highest yield in its history as well as the highest net operating revenue in a second quarter," the airline said in a securities filing. Gol also said it expected full-year net revenue to reach about 15.4b reais, up from a previous estimate of 13.7b, even as its load factor was seen reaching 80% in the period, versus 82% in a previous forecast. The carrier kept its outlook unchanged for capital expenditure, net financial expenses and net debt/EBITDA ratio in the year, but said EBITDA margin would reach about 8% - down from 10% seen earlier.<br/>