Brazilian low-cost carrier Gol has reported a third-quarter operating profit of Brazilian reais (R$) 37 million ($15.9 million), a reversal from the operating loss of R$201 million it reported a year ago.
Its operating revenue for the period ended 30 September increased by 12% to R$2.23 billion and operating expenses grew by 0.3% to R$2.19 billion.
The airline narrowed its third-quarter net loss to R$197 million from R$309 million a year ago.
Exchange losses driven by the depreciation of the Brazilian real contributed to the net loss.
Gol's traffic declined by 9.7% in the quarter and capacity was down by 4.2%. The airline's load factor declined by 4.2 percentage points to 69.6%. Passenger revenue per available seat kilometre was up by 21% to 16.4 Brazilian real cents. Gol's cost per available seat kilometre excluding fuel rose by 6.7% to 10.3 Brazilian real cents.
Gol closed the quarter with 149 aircraft, of which 140 were in service.
The carrier is maintaining its full-year guidance of achieving an operating margin of between 1% and 3% in 2013, and says it aims to keep 2014 capacity flat.