By Jeffrey T. Lewis


SÃO PAULO--Gol Linhas Aéreas Inteligentes SA's shares dropped 4.8% after the airline reported a loss for the second quarter amid a spike in fuel prices.

The shares fell to 8.60 reais, the equivalent of $1.65, and are down 47% from the start of this year through Wednesday's close. The benchmark Ibovespa stocks index was up 0.3% at the same time.

The company had a loss of 2.9 billion reais, or $556 million, in the second quarter after reporting net income of 658 million reais in the same quarter last year. Its total net revenue rose to 3.2 billion reais in the second quarter from 1 billion reais a year earlier.

The second-quarter numbers should be of less concern to investors because higher fuel prices were already anticipated, said BTG Pactual analysts Fernanda Recchia and Lucas Marquiori in a research note. Going forward, the focus should be on the recovery of volumes, liquidity and liability management, competition, fuel prices and forex volatility, they said.


Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com


(END) Dow Jones Newswires

07-28-22 1231ET