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Gol Linhas Aereas announces 2011 guidance revision

Gol Linhas Aereas revised 2011 operating margin, EBIT, to 1%-4% vs. prior view of 6.5%-10%. GOL revised 2011 ex-fuel CASK guidance to between R$9.0-R$9.4 vs. prior view of R$8.3-R$8.7. According to GOL, the main reason for lower margin expectations in 2011 is a 5.4% reduction on average yields, moving from R$ 20.50 cents to R$ 19.15 cents in the new guidance. Competition in the local market and temporary increase in certain ex-fuel costs pressure operating results in the short term, leading to guidance revision