Fixed Income Analysis /
Brazil

GOL LINHAS AÉREAS INTELIGENTES: Stronger-than-expected Q2; reiterate Buy

    Rafael Elias
    Rafael Elias

    Director, Latin America Credit

    Follow
    Tellimer Research
    6 August 2018
    Published byTellimer Research
    Despite Q2 being typically the weakest quarter for Brazil airlines, monthly traffic figures suggested GOL’s performance would be fairly flat. However, the final results were actually stronger than we had anticipated as the company continued to be able to pass on most of the costs related to BRL depreciation and increases in jet fuel. Moreover, it was also able to manage the truckers’ strike better than most other Brazil corporates.