Amid a restructuring effort aimed at strengthening its operational and financial performance, Abra Group carrier Gol lost R$5.1 billion ($883 million) during the final quarter of last year.
That compares with a R$1.1 billion 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$544 million from R$435 million.
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.
The carrier opened four new international bases in 2024, with new outposts in Cancun, Aruba, Costa Rica and Bogota.
”Another important point was the expansion of the international network and the reconstruction of connectivity, especially with Rio de Janeiro, one of Gol largest hubs,” the airline says.
Gol took delivery of eight new Boeing 737 Max 8s last year, including three in the third quarter. It ended the year with a fleet of 52 Max jets.
On 31 December, Gol’s full fleet included 138 jets – 114 of which are operational.
Gol says it “ends the year with a well-built network for 2025 and a larger operational fleet by seven aircraft” compared with the end of 2023.
”This increase in operational aircraft was result of the Chapter 11 restructuring efforts and lessor negotiations… to support growth and ensure the company’s efficient operation to build the foundation for Gol’s performance in 2025 and its long-term plan,” the airline says.
Earlier this month, the carrier said it had secured exit financing from unnamed investors as it works to emerge from bankruptcy as “a well-capitalised standalone company”.
Gol told shareholders that it had secured from “certain investors” $1.25 of $1.9 billion in debt instruments to be issued as part of its restructuring plan.
Meanwhile, Abra – an airline group that includes Colombia’s Avianca – is exploring a possible combination of Gol and Azul in a bid to create Brazil’s largest airline.
Howard Hardee is Americas aviation reporter for FlightGlobal.com and Flight International magazine, covering major and regional airlines in North America and low-emissions initiatives throughout the industry. He formerly covered politics for journalism nonprofit Wisconsin Watch and has written about science, music, travel and forestry as a freelancer for dozens of blogs, newspapers and magazines.View full Profile
