The company also provided new forecasts for 2022 to reflect frequent jet fuel price increases and pass-through effects on fares, lowering its outlook for key metrics such as EBITDA margin and load factor but increasing its revenue forecast.
Gol's quarterly net loss reached 2.85 billion reais ($544 million) versus a profit of 658 million a year earlier, but the company said the bottom line was heavily affected by currency swings.
Shares were down 5.3% at 8.55 reais in morning trade, erasing part of a 10.9% jump the previous day and making them the biggest losers on Brazil's Bovespa stock index, which was virtually flat.
Gol's operating net revenue jumped 215.3% to 3.24 billion reais, topping the 3.11 billion expected by analysts polled by Refinitiv.
"The company recorded the highest yield in its history as well as the highest net operating revenue in a second quarter," the airline said in a securities filing.
Gol also said it expected full-year net revenue to reach about 15.4 billion reais, up from a previous estimate of 13.7 billion, even as its load factor was seen reaching 80% in the period, versus 82% in a previous forecast.
The carrier kept its outlook unchanged for capital expenditure, net financial expenses and net debt/EBITDA ratio in the year, but said EBITDA margin would reach about 8% - down from 10% seen earlier.
Goldman Sachs analysts welcomed Gol's decision to reduce capacity growth in order to recover profitability.
"We remain Buy rated on Gol but acknowledge (the) short-term outlook remains challenging on the back of higher jet fuel prices, although we believe longer term airlines are able to pass through those higher prices to tariffs," they said.
($1 = 5.2437 reais)
(Reporting by Gabriel Araujo; Editing by Christian Plumb and David Holmes)
By Gabriel Araujo
