Brazilian airline GOL sees rebound in its third-quarter as it continues initiatives to cope with the effects of the Covid-19 pandemic. The airline recorded R$2.2 billion in liquidity in the third quarter, marking a strong liquidity position. GOL has made vital adjustments on the back of demand slump between March and September. The adjustments have created a balance between inflows and outflows of the operating cash flow.
It is reported that the airline has worked hard with its stakeholders since the beginning of the pandemic which has hurt economies to balance the company’s liquidity flow. The company has relentlessly worked on building relationships with business partners, preserved jobs and rebalanced the debt amortisation schedule.
The company’s efforts have resulted in a 35 percent surge in its long-term unsecured debt in the secondary market in the third quarter. Paulo Kakinoff, CEO, told the media, “These promising third quarter results reflect the return of passengers to the skies in Brazil and our confidence in GOL’s competitive advantages. The number of Customers flying with us tripled in the third quarter compared to the previous quarter, which is a remarkable rebound given the challenging market environment. GOL swiftly met the renewed demand through its highly flexible fleet management model, while retaining a nearly 80 percent load factor.”
The pandemic has hampered the results of several global airlines. However, only some flights have resumed operations as a result of the lockdown in some countries. Countries such as France and the UK have imposed another phase of lockdown