Gol's 3Q2014 losses widen even as the airline continues working to improve its financial leverage

Despite continuing to improve its performance in some key financial metrics, profitability remains elusive for Brazilian airline Gol, which widened its net losses year-on-year during 3Q2014.

The drivers behind Gol's loss are now quite familiar - a tenuous Brazilian economy, weakened corporate demand and foreign exchange rate volatility. Gol has been battling the majority of those challenges for the last couple of years, and despite improving its leverage ratios and restructuring its debt, the airline continues to rack up losses.

Gol continues to drive forward in its network diversification to reduce exposure to the domestic market while awaiting the outcome of vote by Brazilian legislators on an initiative to subsidise regional flights within the country.