SAO PAULO - Delta's Brazilian airline partner GOL reported second-quarter revenues of R$2.1 billion (Brazil currency) and an operating loss of R$251 million as its fortunes were affected by the challenging economic environment in the South American nation.
While total revenues declined 10.5 percent compared to last year, ancillary and cargo revenues improved 13.8 percent.
One Real, Brazil's currency, is worth about $0.28 US.
At quarter end, GOL had R$2.1 billion of liquidity or 21 percent of its last 12 months of sales. This percentage increased to 30 percent post-quarter end following the investment in GOL by Delta and the company’s controlling shareholder plus GOL’s issuance of a loan for up to US$300 million that is guaranteed by Delta.
Delta holds a 3 percent nonvoting stake in GOL.