GOL ANNOUNCES Q2 RESULTS AND COST-SAVING MEASURES

GOL Linhas Aereas Inteligentes, the largest low-cost airline in Latin America, has posted its second quarter results and has revised its guidance for 2011. The airline said the revision was due to the “maintenance throughout the entire second quarter of a highly competitive scenario in which an excessive increase in Brazilian market supply led to a reduction in fares”. High fuel costs were also to blame for the revision. GOL is implementing an additional cost reduction plan, focusing on ex-fuel costs, which is already in place and will be fully effective throughout 2012. GOL aims to reduce expenses by around