UPDATE 1-Brazil Gol Q1 profit down on flight cancellations
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BRASILIA, April 19 (Reuters) - Low-cost Brazilian airline Gol Linhas Aereas Inteligentes (GOL.N) said on Thursday its first-quarter profit fell by more than a third due to flight cancellations and delays that reduced its load factor.
Net income, calculated under U.S. accounting rules, fell to 116.6 million reais ($57.4 million) from 179.8 million reais in the same quarter last year and 92.7 million reais in the fourth quarter of 2006.
Gol shares (GOLL4.SA) fell 0.85 percent to 29.10 reais in Sao Paulo Thursday before the results were released.
In a statement, Gol said ongoing problems in Brazil's air traffic system caused flight cancellations that affected travel demand and in turn eroded its passenger occupancy rates in the first quarter.
Gol's load factor slipped to 69.8 percent from 70.6 percent in the same quarter last year.
Brazil's air traffic has had trouble since Sept. 29, when a Boeing 737 flown by Gol clipped wings with a business jet over the Amazon, causing the 737 to crash into the jungle.
Air traffic controllers have staged periodic work slowdowns to protest work conditions and faulty equipment, causing hundreds of flight delays and cancellations.
Gol said its share of the domestic air travel market rose to 38.5 percent at the end of the first quarter from 28.8 percent at the same date a year earlier.
($1 = 2.03 reais)
