Brazil airline Gol posts second-quarter net loss of $100.5 mln

jueves 13 de agosto de 2015 22:57 GYT
 

SAO PAULO Aug 13 (Reuters) - Brazilian airline Gol Linhas Aereas on Thursday reported a widening quarterly loss, as a strong dollar continued to push up fuel and aircraft leasing costs.

The country's No.2 airline posted a net loss of 354 million reais ($100.53 million) for the second quarter, compared to a loss of 145 million reais a year earlier, according to a securities filing.

The airline has not reported a quarterly profit since the end of 2011, hit by fierce competition, weakening demand and the cost-inflating effects of the weakest Brazilian currency in 12 years.

Both Gol and its chief rival, the TAM unit of regional heavyweight LATAM Airlines Group SA, bowed to the reality of a painful downturn last month, announcing plans to trim capacity in the second half of the year.

Gol's gross revenue fell 10.3 percent to 2.268 billion reais in the second quarter as a likely recession weighed on demand.

Cost-cutting efforts struggled to yield results as earnings before interest, taxes, depreciation, amortization and aircraft rentals, a gauge of operating profit known as EBITDAR, fell 75.8 percent from a year earlier to 90.7 million reais. ($1=3.5214 Brazilian reais) (Reporting by Alonso Soto; Editing by Clarence Fernandez)