São Paulo, October 9, 2020 - GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL and B3: GOLL4), ("GOL" or "Company"), Brazil's largest domestic airline, today provides its Investor Update for the month of September and the third quarter of 2020. All information is presented in Brazilian Reais (R$). The information below is preliminary and unaudited.
Since the last update on September 10, 2020, GOL increased its capacity to an average of 270 flights per day, a 42% increase from an average of 190 daily flights in August. On peak days, GOL operated 360 daily flights in September to service the 36% month-over-month improvement in demand for air travel. GOL's consolidated gross sales for the month were over R$800 million and average load factor was 80%.
"In September, GOL once again saw healthy growth in demand for travel among Brazilians," said Paulo Kakinoff, CEO. "We anticipate that trend will persist going forward, as searches and sales for GOL tickets continue to climb. We therefore fully expect these tailwinds to drive a further increase in our capacity during the coming months."
At the outset of October, GOL increased its capacity to approximately 400 flights per day, and it expects to end the month with 500 daily flights, placing the Company's operations at around 60% of the flight schedule in October 2019. During this current month, GOL will be operating 93 aircraft in its network and plans to re-open three more operational bases.
Added Kakinoff: "Our flexible operating model continues to prove ideal for meeting the return in demand for travel. We are taking confident and calibrated steps as we adapt our capacity and expand our network, and remain highly focused on balancing GOL's capacity and costs. With no significant debt maturities until 2024, we can use our capacity discipline to expand profitability as operations continue to resume. We think that positions us competitively in the market for growth."
The Company's cash flow equilibrium has been a driving force of GOL's efforts during the pandemic. Management believes the competitive advantages built over the years are the key pillar of GOL's financial strength. The Company's cost-efficient structure, support from stakeholders and partners, flexible fleet and network model, and the ongoing and significant return of Customer travel in the domestic market, firmly places GOL in a leadership role in the Brazilian airline industry.