Brazil airline Gol's shares soar after unexpected Q4 net profit

Brazilian airline Gol Linhas Aereas Inteligentes Wednesday reported an unexpected fourth quarter net profit, reversing a multi-billion-real loss seen a year earlier on the back of higher yields and positive tourism demand. The surprisingly strong figures sent shares in the company soaring more than 12% in Sao Paulo morning trading, with analysts highlighting improving operating figures and strong revenue trends. The firm's shares had already jumped roughly 30% in the previous two sessions after rival carrier Azul SA predicted bluer skies ahead, driving travel-related stocks in Brazil up. Gol, which said the results were preliminary as some auditing work was still left to be done, posted a net income of 230.9m reais ($44.48m) in the period, up from a 2.8b-real loss in the previous year. Analysts polled by Refinitiv had forecast a net loss of 484.75m reais. "Despite fuel costs still being one of the main factors affecting revenues in the sector, Gol showed a strong operational improvement even against a complex macroeconomic backdrop," Guide Investimentos analyst Mateus Haag said. Gol said the results reflected a strong recovery in demand for air travel in "all segments," leading it to the highest net operating revenue ever as well as the highest operating margin since the COVID-19 pandemic hit.<br/>