The Brazilian low cost carrier lost R$447 million (about U$223 million) during the last quarter of 2012, compared to a R$54 million profit for the same period in 2011. For the whole year, GOL lost R$1.51 billion, compared to R$751 million lsot in 2011, or a 101% increase.

The net revenue for the period was R$2.2 billion, or 5.1% lower than the previous year. The company said the drop was due to its reduction of seats specially those Webjet planes that were taken off the fleet last November. For the year, net revenue was R$8.1 billion or 7.5% higher.