Gol hit by FX hedging

Gol Linhas Aereas posted a net loss in the first quarter that shocked many. The reason for the dip was losses from currency hedges which offset profitability gains from a year of cutting its payroll and flight network. Gol reported a net loss of 75 million reais ($37 million), from a loss of 41 million reais for the same period last year. This is despite a 30% cut in employee costs. EBIT rose to 101 million reais in the first quarter from 7 million reais for the same period last year. EBITDAR rose 37% to 367 million reais.