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GOL reports losses on currency and fuel hedge reductions in 3Q08

Struggling Brazilian LCC, GOL, stated the impact of gains in currency hedges and losses in fuel hedges in 3Q08 will result in an approximate net loss of USD21.4 million in the three months ended 30-Sep-08 (3Q08). The exchange variation on GOL’s net foreign currency liabilities (mainly related to long-term debt, with average term of 7.3 years) will also have a negative non-cash impact of approximately USD100 million in the quarter. GOL was negatively affected by the appreciation of the US dollar by 20% versus the Brazilian Real in 3Q08, equivalent to BRL0.32 (USD0.14).

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