The company filed for Chapter 11 of the United States Bankruptcy Law in January, as it has to face a heavy debt load after the drop in traffic due to COVID and delays in Boeing deliveries.

Brazilian airline Gol published its first quarterly results on Thursday after filing for bankruptcy protection, falling into the red in the fourth quarter of 2023 despite rising revenue.

Gol, hurt by the increase in financial expenses, recorded a net loss of 1,090 million reais (US$ 218.34 million) in the three months ended December 31, compared to a net profit of 230.9 million reais a year before (about US$ 46 million).

The company, the second in Brazil by market share, filed for Chapter 11 of the United States Bankruptcy Law in January, as it has to face a heavy debt load after the drop in traffic due to COVID and the delays in Boeing deliveries.

The airline said in a securities filing that net revenue rose 6.7% year-on-year in the fourth quarter to 5.04 billion reais ($1.011 billion), while recurring earnings before interest, taxes, depreciation and amortization ( EBITDA) rose 38.3% to 1,610 million (over US$ 323 million).

Prior to Gol's bankruptcy filing, analysts and credit rating agencies noted that while the company posted strong operating numbers in a healthy demand environment, high lease and interest expenses had been putting pressure on its cash flow and affecting your debt profile.

Gol's gross debt closed 2023 at 20,000 million reais (US$4,014 million), 13.7% less annually, compared to a cash position of 782.5 million reais (US$157 million).

As part of its bankruptcy proceedings, Gol had previously revealed that in January 2024 alone it recorded a net loss of US$27 million, although that figure was still preliminary and unaudited.