Brazilian Low Cost Airlines GOL Linhas Aéreas Inteligentes Secures Access To Engine Financing

Brazilian low-cost airline GOL Linhas Aéreas Inteligentes S.A. GOL said it had received approval to access a newly developed credit insurance policy.

The policy has been laid out with the support of the Executive Secretariat of the Chamber of Foreign Trade (SE-Camex) and backed by the Export Guarantee Fund (FGE). 

The facility can be used to avail maintenance services provided exclusively in Brazil by the GE-Celma MRO maintenance unit.

It also allows GOL to access third-party credit lines of up to $ 209 million to finance the maintenance of its CFM56-7B engines.

The Company reported a third-quarter FY23 revenue growth of 16.4% year-on-year to R$4.7 billion. The number of passengers transported increased by 16.4% to 8.1 million.

Q3 EBITDA was R$1.25 billion, with an EBITDA margin of 26.8%. 

The Company has the lowest unit cost in Latin America, and has alliances with American Airlines Group Inc AAL and Air France-KLM AFLYY.

Price Action: GOL shares are trading lower by 0.25% at $3.72 on the last check Tuesday.

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