Brazilian low-cost carrier Gol has grown its first quarter operating income to Brazilian reals (R$) 101 million ($504 million), up from R$7.3 million in the same period a year ago.
Revenues fell 3.8% to R$2.08 billion year-on-year. The carrier widened its net loss to R$75.3 million in the first quarter, up from R$41.4 million. This was partly the result of higher interest expenses due to the airline's higher debt and the depreciation of the Brazilian real against the US dollar.
Gol attributes the improved operating profit to its improved cost structure and domestic capacity discipline.
The airline says it reduced seat supply in the domestic market by 15.7% and grew passenger revenue per available seat kilometre by 12.4% during the quarter.