On Thursday, Brazilian airline Gol reported a narrowed third-quarter net loss on a yearly basis despite the fact that it was heavily hit by currency swings in the period.

Gol Linhas Aereas Inteligentes SA, as the company is formally known, posted a net loss of 1.55 billion reais (USD 287.84 million) in the third quarter that ended in September, narrowing from a 2.52 billion real loss in the same period last year. The company said the bottom line was affected by foreign exchange losses, which reached a total of 738 million reais in the quarter.

It managed to deliver a record quarterly net revenue, more than doubling from a year ago to 4.0 billion reais and above pre-pandemic levels, a securities filing showed. Gol also updated some of its full-year forecasts to reflect higher jet fuel prices, current ticket sale levels and 2022 results so far, it said.

The Brazilian airline now expects 2022 available seat kilometres to rise 50-55 per cent on a yearly basis, from a previous forecast of 55-65 per cent, while the average load factor is seen at 81 per cent, up one percentage point from its previous estimate.
Gol kept its full-year net revenue forecast at 15.4 billion reais and said diluted earnings per share are expected to come in at zero, from a non-available estimate earlier.