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UPDATE 1-Brazilian airline Gol reports Q2 net loss, but net revenue jumps

·1 min read

(Adds details, updated outlooks)

SAO PAULO, July 28 (Reuters) - Brazilian airline Gol Linhas Aereas Inteligentes SA on Thursday reported a steep second quarter net loss mainly due to foreign exchange variations, even as its net revenue more than tripled over the same period of 2021.

The company also provided new forecasts for 2022 to reflect frequent jet fuel price increases and pass-through effects on fares, lowering its outlook for key metrics such as EBITDA margin and load factor but increasing its revenue forecast.

Gol's second quarter net loss reached 2.85 billion reais ($544 million), versus a profit of 658 million a year earlier, but the company said the bottom line was heavily affected by currency swings.

Excluding such variations and some non-recurring expenses, Gol said it would have reported a 581.7 million-real net loss.

Its operating net revenue jumped 215.3% to 3.24 billion reais in the quarter, topping the 3.11 billion expected by analysts polled by Refinitiv.

"The company recorded the highest yield in its history as well as the highest net operating revenue in a second quarter," the airline said in a securities filing.

Gol also said it now expected full-year net revenue to reach about 15.4 billion reais, up from a previous estimate of 13.7 billion, even as its load factor was now seen reaching 80% in the period, versus 82% in a previous forecast.

The carrier kept its outlook unchanged for capital expenditure, net financial expenses and net debt/EBITDA ratio in the year, but said EBITDA margin should reach about 8% - down from 10% seen earlier - as higher jet fuel prices take their toll.

($1 = 5.2437 reais) (Reporting by Gabriel Araujo; editing by Jason Neely and Christian Plumb)