GOL 4Q 2011 income drops 40%; reports loss for full year

GOL 737-800. By Rob Finlayson Brazil’s GOL Linhas Aéreas Inteligentes reported a 2011 fourth-quarter net income of BRL$54.3 million ($29.9 million), down 40% from BRL$132 million in the year-ago period. Net revenue rose 19.5% to BRL$2.2 billion, but expenses increased 41% to BRL$2.27 billion, producing an operating loss of BRL$33.9 million versus BRL$261.9 million a year ago. For the full year, GOL posted an adjusted loss of BRL710 million ($390.3 million) in 2011, ...