GOL posts loss

São Paulo-based airline GOL has posted a full-year net loss of BRL1.12 billion ($415.8 million) in 2014, compared to the BRL724.6 million net loss recorded in 2013. Revenue rose 12.4% to BRL10.07 billion, with expenses up by 10% YOY to BRL9.56 billion, producing an operating profit of BRL504.9 million – a rise of 89.8%. “The annual net loss can be mainly explained by the devaluation of the real against the dollar and by the decision of unwinding our oil hedge positions aiming to limit losses from sharper decreases in oil commodity prices,” GOL CEO Paulo Sergio Kakinoff said. “GOL continued