Gol sees profits slump

Gol Linhas Aereas, Brazil’s second-largest airline, saw fourth-quarter net income slump 58.9% from the same period last year impacted by high maintenance and fuel costs. São Paulo-based Gol posted net income of 54.3 million reais ($29.89 million), down from 132.2 million reais a year ago. Earnings before interest, taxes, depreciation, amortization and aircraft rent, (EBITDAR), fell to 238.9 million reais from 475 million reais a year earlier. Total consolidated operating costs and expenses were up 41%, with fuel costs rising 56.6%, personnel costs were worryingly up by some 30.3%, and maintenance expenses increased 147.8%. There was also a hit from