The Brazilian airline Gol registered net attributable losses of 2,288 million Brazilian reals (381 million euros) in the first quarter of the year, due to the impact of flight restrictions derived from the Covid-19 coronavirus crisis, as reported by the company it’s a statement.
The company has highlighted that, as a consequence of the pandemic, the results of the first quarter, which were aimed at recording records until mid-March, deteriorated rapidly due to the «unprecedented» situation in the industry.
On March 16, Gol began to reduce its activity by up to 60% in the domestic market and up to 95% on international flights. The company notes that this decision was made reflecting consumer demand, as well as similar actions that other airlines took.
Despite the consequences of the pandemic, Gol CEO Paulo Kakinoff has assured that the company has experience «in navigating stressful stages».
«Right now we are focusing on three priorities. First, protecting the health and safety of our workers and consumers. Second, preserving the company’s financial liquidity to overcome this crisis, and third, ensuring that we are well positioned for the continuity of our successful business model, when the activity returns, through a plan r
Gol’s gross operating profit (Ebitda) was 1,439 million reais (240 million euros) between January and March, 51.3% more than the same period of the previous year; while its income rose to 3,147 million reais (524.8 million euros), 2% less.
The company ensures that they are performing effective management in the health and economic crisis, pointing out that their current financial situation is solid. In this way, Gol has carried out a «rigorous» review of its budget, with a reduction of approximately 2,400 million reais (400 million euros) in its costs and the postponement of several payments in 2020.