Brazilian airline Gol posts smaller Q3 net loss on record revenue; shares jump

Brazilian airline Gol on Thursday reported a narrower Q3 net loss on a yearly basis even as it was heavily hit by currency swings in the period, and provided some updated forecasts for 2022 in order to reflect its current scenario. Shares of Gol rose more than 7% after its earnings report, making it one of the top gainers on Brazil's benchmark Bovespa stock index (.BVSP), which was up 0.8%. Gol Linhas Aereas Inteligentes SA, as the company is formally known, posted a net loss of 1.55b reais ($287.84m) in the quarter ended in September, narrowing from a loss of 2.52b reais in the same period last year. The company said the bottom line was affected by foreign exchange losses, which reached a total 738m reais in the quarter. On the other hand, the carrier managed to deliver a record quarterly net revenue, more than doubling from a year ago to 4.0b reais and also above pre-pandemic levels. "A major third-quarter beat," Santander analysts said, highlighting a greater-than-expected Passenger Revenue per Available Seat Kilometer (PRASK) expansion in the quarter that drove the strong top-line performance. Gol also updated some of its full-year forecasts to reflect higher jet fuel prices, current ticket sale levels and this year's results so far, the company said. Santander dubbed the move a "minor 2022 guidance cut."<br/>