Profit for GOL

Gol Linhas Aereas (GOL) has reported first-quarter net income of 757 million reais ($219 million) compared to a net loss of 673 million reais a year earlier. Good fleet management – returning leased aircraft early and an astute use of sale-leasebacks – has enabled GOL to increase first-quarter earnings by 213 million reais. The slight recovery in the real aided the airline too by 654 million reais. Without the positive foreign exchange impact, GOL says that its net loss before tax would have been 43 million reais. EBITA doubled during the period to 552 million reais.