Devaluation of Brazilian currency weighs heavily in Gol’s fourth-quarter loss

Amid a restructuring effort aimed at strengthening its operational and financial performance, Abra Group carrier Gol lost R$5.1b ($883m) during the final quarter of last year. That compares with a R$1.1b loss during the equivalent period of 2023. Sao Paulo-based Gol did not hold a conference call with investors as it works to emerge from Chapter 11 restructuring. Gol reports that the devlauation of Brazilian currency hit the carrier hard in 2024, with total costs rising 3% compared with the full year of 2023. It attributes the increase in expenses primarily to “exchange rate depreciation”, though higher airport fees and labour costs also played a role. Indeed, the carrier’s fourth-quarter loss from depreciation and amoritisation increased by nearly 30% compared with the prior-year period, to R$544m from R$435m. There are bright spots in the carrier’s year-end financial report, however. Gol says that passenger capacity increased througout the year “due mainly to the introduction of new routes” and the re-introduction of others, pointing to the restoration of flights between Sao Paulo and Porto Alegre.<br/>