* Third-quarter net loss of $150 million is smaller than
* Operating loss deepens on fuel prices, weak demand
SAO PAULO Nov 14 Brazilian airline Gol Linhas
Aereas posted a third-quarter net loss of 309
million reais ($150 million) as softer domestic demand and high
fuel prices led to a deeper operating loss.
Gol has reported a net loss in five of the past six
quarters, including a 517 million reais loss in the third
quarter of 2011.
The loss before interest and taxes widened to 201 million
reais from 75 million reais a year earlier, according to a
securities filing late on Tuesday.
Last quarter Gol said it expected a 2012 loss before
interest and taxes, scrapping a prior forecast for a profit
equal to between 4 percent and 7 percent of revenue.
A 26 percent increase in fuel costs and 62 percent rise in
aircraft rental costs continued to erode profitability. But a
more stable exchange rate led to just 6 million reais in
currency-related losses on the company's debt, down from 476
million reais a year earlier.
A weaker currency still hurt Gol's operations as Brazil's
real fell nearly 8 percent in the year through September,
driving up the cost of dollar-denominated expenses such as
leasing, fuel and maintenance.
Earnings before interest, taxes, depreciation, amortization
and aircraft leasing fell 23 percent to 96 million reais.