GOL Linhas Aéreas Inteligentes:
Mirroring Avianca — December 2024

Brazil’s third largest airline, GOL, was heading towards sustained profitability out of the country’s 2014-16 recession and political turmoil (and its own restructuring) when the covid pandemic hit.

The following three years were as torrid for the carrier as any other airline worldwide: but the collapse of traffic and revenues (with minimal government support) were exacerbated by a 30% devaluation of the Real to the US Dollar. Over 2020-21 GOL lost a total of R$13bn ($2.5bn).