* Recovering EBIT signals gradual turnaround from 2012 loss
* Payroll down 30 pct; flight network contracting
SAO PAULO May 14 Brazilian airline Gol Linhas
Aereas posted a bigger net loss in the first
quarter than a year earlier, as losses from currency hedges
offset profitability gains from a year of cutting its payroll
and flight network.
The airline reported a net loss of 75 million reais ($37
million), according to a late Monday filing, after a loss of 41
million reais a year earlier.
Still, a 30 percent cut in employee costs from a year before
allowed Gol to substantially boost operating profits, adding to
signs of a gradual turnaround after years of poorly controlled
growth led to a loss of 1.5 billion reais for 2012.
Earnings before interest and taxes, a gauge of operating
profit known as EBIT, rose to 101 million reais in the first
quarter from 7 million reais a year earlier.
Discounting the impact of depreciation, amortization and
aircraft rentals, the industry measure of profitability known as
EBITDAR rose 37 percent to 367 million reais.