GOL REPORTS 67% NET FALL IN PROFIT

Dino D'Amore
By Dino D'Amore February 24, 2011 11:33

GOL REPORTS 67% NET FALL IN PROFIT

Brazilian airline Gol Linhas Aereas has reported 67% fall in its fourth-quarter net income, due to higher tax payments outweighing strong air travel growth in the country.

Gol’s net income fell to 132.2 million reais ($78 million) from 397.8 million reais for the same period a year earlier. The fall largely reflected a tax payment of 85.65 million reais compared with a tax credit of 351.4 million reais that helped inflate its net profit in the year-ago period. Net profit gained 20.2 percent from the third quarter of 2010.

EBITDA rose 64% from a year ago to 475 million reais. Its net operating income jumped 15.6 percent to 1.87 billion reais. Net sales were up 15.6% to 1.87 billion reais. The airline carried 8.96 million passengers, up 7% from the last quarter of 2009.

Dino D'Amore
By Dino D'Amore February 24, 2011 11:33
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