Gol has a rare quarterly loss for the third quarter

GOL Linhas Aéreas Inteligentes S.A. (Sao Paulo), the parent of Gol Transportes Aereos and VARIG (2nd) (VRG Linhas Aereas), reported a rare quarterly loss. For the third quarter, the company posted a net loss of R$516.5mm ($293 million) with a negative net margin of 28.0%, versus net income of R$110.0mm in 3Q10 (with a margin of 6.1%) and a net loss of R$358.7mm in 2Q11 (with a negative net margin of 22.9%). The loss was mainly due to the appreciation of the Dollar, which increased from R$1.56 at the end of 2Q11 to R$1.85 at the end of 3Q11 (an 18.8% upturn). The depreciation of the Brazilian currency generated a net expense from the foreign exchange variation of approximately R$476.4mm, as most of the Company‟s financial liabilities are represented in Dollars (72.4% in 3Q11).

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