Gol Linhas Aereas Inteligentes SA posted a decline in second-quarter sales as Brazil’s weak economy continued to weigh on air travel.

Revenue dropped 2 percent from a year earlier to 2.1 billion reais ($659 million), compared with the average estimate of 2.06 billion reais compiled by Bloomberg. The Sao Paulo-based airline posted net income of 309.5 million reais, helped by an accounting gain of 778.8 million reais with the Brazilian currency’s gain against the dollar, according to a regulatory filing.

Air travel in Brazil fell 6.3 percent in June, the 11th consecutive monthly drop, as business and tourist demand declined amid the country’s two-year recession. Gol’s load factor decreased 1.6 percentage points in the second quarter to 75.2 percent, as the company failed to cut capacity as fast as the market shrank.

The Brazilian real is the best performer among major currencies this year, with a 24 percent gain against the dollar. That offset a 1.6 percentage-point drop in Gol’s load factor in the second quarter. Brazilian domestic air travel fell 6.3 percent in June, the 11th consecutive monthly drop, as business and tourist demand declined amid the country’s two-year recession.

Gol replaced its chief financial officer last month. Richard Lark took over as CFO after his predecessor failed to persuade enough investors to accept an exchange offer for $780 million in dollar-denominated debt.

The company said in a separate statement that it was reviewing its 2016 guidance.

“Given the impact of the economic scenario, the company’s guidance may be revised in order to incorporate the evolution of its operating and financial performance and any eventual changes in interest rate, exchange rate, GDP and WTI and Brent oil price trends,” according to the statement.

©2016 Bloomberg L.P.

This article was written by Fabiola Moura from Bloomberg and was legally licensed through the NewsCred publisher network.

Photo Credit: A Gol aircraft in flight. The carrier reported a fall in second-quarter revenue. Andrew Sieber / Flickr.com