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Brazilian low-cost airline GOL Linhas Aéreas Inteligentes S.A. (NYSE: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 (NASDAQ: AAL) and Air France-KLM (OTC: AFLYY).
Price Action: GOL shares are trading lower by 0.25% at $3.72 on the last check Tuesday.
Photo via Wikimedia Commons
