Gol Linhas Aereas Inteligentes' second quarter cash balance fell 5.2% to R1.96 billion ($973 million) compared with the year-earlier period due to a decline in "cash generation, higher financial expenses and increased investments in fixed assets."
The carrier says in an earnings release that it "maintained its strong liquidity position" with total cash representing 24.4% of the last twelve months' net revenue.
At the close of the quarter, the airline's total cash comprised cash and cash equivalents of R983.3 million, R719.4 million in immediate liquidity and R265.2 million in short and long-term restricted cash.
Gol ended the quarter with total loans and financings of R5.23 billion, a 29.5% increase from the year-earlier period mainly due to "the 29.5% period depreciation of the real against the dollar, the incorporation of Webjet's liabilities totalling R214.8 million and an increase of four more aircraft under financial leasing compared with the year-earlier period.
Compared with the first quarter to 31 March, Gol's total debt increased by 7.2%, due to an 11% period depreciation of the real against the dollar.