GOL Airlines lost R$75 million in the first quarter

GOL Brazilian Airlines released its first quarter results yesterday, when the low cost carrier lost R$75.3 million (U$37 million). The loss was 81% higher than the same period of 2012 (R$41 million loss).

The EBITDA reached R$366 Million, compared to R$267 million for the same period in 2012, which represents a 36.8% increase.

For the period, there was a drop in the domestic demand in Brazil of about 15.5%, mainly due to Webjet (which GOL acquired) ceasing operations late 2012. International demand grew 21%, because of new routes to Santo Domingo, Miami and Orlando. Average airplane occupation for the period reached 67.3%.