Gol has some encouraging results behind its overall 3Q2013 loss

Even as losses continued for Brazil's second largest airline Gol during 3Q2013, there were some positive signs in the carrier's results and its efforts to improve its financial leverage. Its work during the past year to beat back the effects of a weakening Brazilian economy and the resulting pressure that has had on demand were evidenced in improved passenger unit revenue and yields.

Gol also recorded positive margin improvement and made strides in its leverage ratios as its exposure to the Brazilian domestic market is more pronounced than its major rival TAM, who as part of the LATAM Airlines Group is leveraging the parent company's ability to transfer some of TAM's exposure to the falling BRL to the LATAM balance sheet.

Going forward it seems that Gol aims to focus on international expansion as a means to weather the tough market conditions within Brazil. While the carrier is not prepared to divulge the form that expansion will take, additional service to the US might be in the offing.