UPDATE 1-Brazil airline Azul posts Q4 profit drop due to fuel-hedging losses [Reuters]
Gol Linhas Aereas Inteligentes S.A. Sponsored ADR representing 2 Pfd Shares (GOL)
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Source: Reuters
UPDATE 1-Brazil airline Azul posts Q4 profit drop due to fuel-hedging losses (Recasts with details from earnings statement) SAO PAULO, March 14 (Reuters) - Brazilian airline Azul SA’s net income dropped 54 percent to 138 million reais ($35.98 million) in the fourth quarter of 2018, the company said on Thursday, due largely to fuel-hedging losses. Income, excluding Azul’s financial bets which were mostly in derivatives, would have otherwise been just 5 percent lower than in the same period of 2017, the company said. Still, in all of 2018, Azul’s profit jumped 36 percent to 700 million reais. Its main rival, Gol Linhas Aereas Inteligentes posted a loss of 1.1 billion reais for 2018. The year was difficult for Latin American airlines due to lofty oil prices and as emerging market currencies weakened against the U.S. dollar. That spurred airlines to try and hedge fuel costs, locking in prices in advance on the expectation that that would be cheaper than buying later on. Meanwhile, Azul is
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