Updates with extra particulars from earnings, capital elevate
SAO PAULO, April 29 (Reuters) – Brazilian airline Gol Linhas Aereas Inteligentes’ GOLL4.SAweb loss almost trebled within the first quarter because the coronavirus pandemic slashed demand for flights, it stated on Thursday, hours after saying it was in search of more money from traders.
Gol’s web loss ballooned to 2.5 billion reais ($467 million) from a lack of 900 million reais within the last quarter of 2020, and it stated it anticipated solely a modest uptick in demand within the second quarter.
The epidemic in Brazil, which for a lot of the quarter was the worst on the earth measured by day by day dying tolls, has hampered a restoration that on the finish of final 12 months had left airways with an upbeat tone.
Gol stated journey demand had risen 4% within the third week of April in comparison with the identical week in March and added it now anticipated its capability within the second quarter to return in at about 61% of pre-pandemic ranges.
First quarter passenger income got here in at 1.Four billion reais, down from 1.7 billion within the earlier quarter, and half what the airline generated in the identical interval final 12 months.
Gol’s obtainable money and money equivalents fell to 400 million reais on March 31, and it stated late on Wednesday it was elevating as much as 512 million reais ($95.80 million) in new fairness. Whereas the airline says it has a a lot larger complete liquidity, which incorporates restricted money, it acknowledged that even that measure had fallen considerably within the quarter.
Gol stated it anticipated no money burn within the second quarter, with money circulate at break-even.
($1 = 5.3445 reais)
($1 = 5.3562 reais)
(Reporting by Marcelo Rochabrun; modifying by John Stonestreet)
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