GOL Linhas Aéreas Inteligentes (GOL) remains “focused on operational efficiency through its single fleet model and diligent yield management,” the low-cost Brazilian carrier has confirmed in its Q1 2024 results, as the airline looks to restructure its balance sheet after filing for US Chapter 11 restructuring in January. Overall, GOL’s net operating revenue decreased 4.2% to R$4.7 billion ($0.92 billion).

“The first quarter of 2024 was marked by the improvement on our operational performance, with Adjusted EBITDA for Q1 at R$1.4 billion ($0.27 billion) and an adjusted EBITDA margin of 30.3%, demonstrating our consistency and efficiency in our path during the financial restructuring,” confirmed GOL chief executive officer Celso Ferrer.

During the quarter, GOL’s available international revenue passenger kilometres increased by 39.6% year on year, while maintaining a stable load factor of 83.1%. International load factor also improved 7.8% to 85.6%, despite the total number of passengers carried decreasing by 8.3% to 7.3 million. Capacity was enhanced with the delivery of two Boeing 737 MAX 8 aircraft during the quarter.

“At the same time, we have made progress in GOL’s US court-supervised restructuring process, including securing US$1 billion DIP Loan Commitments (of which $550 million was drawn by the end of Q1 24),” added Ferrer. He added that the airline’s renegotiations of agreements “with the majority of aircraft under leases with lessors” will also “ensure GOL has the right capacity to continue to serve [its] current destinations, and making progress on the financing plan that will underpin [its] standalone Plan or Reorganization”.

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