UPDATE 1-Brazil's Gol posts Q2 profit as costs tumble

* Company reverses year-earlier loss as it cuts costs

* Gol to delay plane deliveries from Boeing to keep cash

* Gol CEO says Varig integration "bearing fruit" (Recasts; adds company comments, details on costs, expenses, derivatives, byline)

By Guillermo Parra-Bernal

SAO PAULO, Brazil, Aug 11 (Reuters) - Gol Linhas Aereas (GOLL4.SA)(GOL.N), Brazil's second-largest airline, on Tuesday posted its second straight profit in seven quarters as fuel and plane repair expenses tumbled and a jump in the real currency slashed its debt servicing costs.

Net income at the Sao Paulo-based company was 353.7 million reais ($192 million) in the second quarter, compared with a loss of 166.5 million reais in the year-ago period, the company said in a regulatory filing.

The carrier, controlled by the Constantino family, said operational costs and expenses slumped 26 percent in the quarter to 1.30 billion reais, led by a 41 percent drop in fuel costs and a 46 percent tumble in equipment maintenance and repair costs.

A 19 percent gain in the real BRBY during the second quarter helped trim the cost of debt servicing and boosted the price of some assets such as leasing guarantees, resulting in a gain of 369.9 million reais in Gol's financial statement.

"Fuel prices played on our side in the previous quarter," Chief Executive Constantino de Oliveira Jr. said on a conference call following the earnings release.

Revenue fell 4.8 percent in the second quarter to 1.39 billion reais from a year earlier, reflecting a plan to streamline the number of flights and destinations as global travel slumped. Gol estimated a 9 percent drop in the number of passengers in the quarter ended on June 30.

Gol, founded in 2001 as Brazil's first low-cost, low-fare airline, also pared fare increases this year as domestic travel slows and it cut its "load factor" target, or the average proportion of seats it fills, to 60.1 percent from 64.6 percent a year earlier.

EBITDAR, a measure of cash flow that calculates earnings before debt, taxes, depreciation, amortization and the cost of lease rentals, was 258.8 million reais in the quarter, compared with a deficit of 114.4 million reais in the 2008 second quarter.

The company posted a 13.3 million real loss from fuel and currency hedging transactions, almost three times the 4.2 million reais loss a year earlier.

Gol said it reached an agreement with Boeing Co (BA.N) to stretch out the deadline for the delivery of several aircraft for the period 2010-2012 to 2010-2014. That will help preserve cash generation for the coming quarters, Oliveira said.

Gol shares fell 0.3 percent to 15.9 reais on Tuesday.

(Reporting by Guillermo Parra-Bernal; Additional reporting by Cesar Bianconi and Paula Laier; Editing by Richard Chang)