Source: ANAC Brazil

  • The profit was the consequence of a positive financial result

The three largest Brazilian airlines (Gol, Azul and Latam) had a positive Net Result of R $ 899.5 million, with a net margin of 22%, in the 2nd quarter of 2021. In the same period of the previous year, the result It was R $ -6.1 billion and a net margin of -399.6%. In the context of the second quarter of 2021, the airline industry continued to be marked by the Covid-19 pandemic, and companies are still looking to financially balance their operations.

According to statistical data from the Brazilian National Civil Aviation Agency (ANAC), companies more than tripled the supply (ASK) in the second quarter of 2021 compared to the same period of the previous year. However, compared to 2019, the supply was 43.4% lower in the second quarter.

In the 2nd quarter of 2021, the dollar remained relatively stable, with a fall of 1.7% compared to the 2nd quarter of 2020. The price of fuel (QAV), however, increased 91.7% in the quarterly average.

Revenues from air services of Brazilian companies increased 177.9% in the second quarter of 2021 compared to the same period of the previous year. Costs and operating expenses increased 2.8%. Ticket revenue increased 804.5% and represented 76% of total air service revenue. Income from Freight and Postal Mail, on the other hand, increased by 22.5% and represented 14.4% of the total. Among costs and expenses, the highest cost in the sector came from aircraft insurance, leasing and maintenance (22.4%), followed by fuels and lubricants (22.6%) and personnel (18.8%).

However, the positive result for the reference quarter must be interpreted with caution, as the three companies had a negative gross profit, which implies that the income directly linked to their operation was not sufficient to cover their costs. The main factor for the transformation of the net result into positive in the sector was the financial result (+R $ 2.7 billion), derived, mostly, from gains with exchange rate variations. In the case of the Azul and Gol, the financial result also turned their net result positive, but that did not happen in the case of Latam.

The information is available in the Data and Statistics section of the ANAC portal.

Financial statement methodology

In compliance with Resolution No. 342/2014, Brazilian public air transport companies with a relevant market share must present their financial statements to ANAC. The quarterly financial statements must be presented by companies with a market share equal to or greater than 1% in terms of national or international paid passenger kilometers (RPK). The annual data must be submitted by those who have a market share equal to or greater than 1% of the RPK or of the tons of kilometers paid and transported (RTK) in the national or international market.