Brazilian low-cost carrier GOL posted a full-year 2013 net loss of BRL724.6 million ($306.4 million), cutting by more than half (52.1%) the BRL1.51 billion loss the airline posted in 2012.

GOL’s 2013 revenue rose 10.5% to BRL8.95 billion as expenses fell 3.5% to BRL8.69 billion, producing an operating profit for the year of BRL266 million, rebounding from the BRL905.6 million operating loss the airline reported in 2012.

Full-year yield grew 19% to BRL 23.42 cents as RASK grew 15.5% year-over-year to BRL 18.04 cents and CASK increased 0.7% to BRL 17.51 cents. GOL’s CASK excluding fuel also grew 0.7% year-over-year to BRL 10.23 cents. GOL’s fuel expenses for 2013 were BRL3.6 billion, down 3.5% from 2012; 1.5 billion fuel liters were consumed by the company in 2013, down 8.7% from 2012.

GOL’s 2013 passenger traffic fell 4.7% to 34.7 billion RPKs on a 4.3% decrease in capacity to 49.6 billion ASKs, generating a load factor of 69.9% for the year, down 0.3 point from 2012. Total passengers in 2013 came to 36.3 million, down 7.3% from 2012.

For GOL’s 2013 fourth-quarter, the carrier posted a net loss of BRL19.3 million, a BRL428 million improvement on the BRL447 million loss GOL posted in 2012’s December quarter. Fourth-quarter revenue gained 28.7% year-over-year BRL2.73 billion; expenses grew 3.6% year-over-year to BRL2.57 billion, leaving an operating profit of BRL162.9 million, reversing the BRL357.6 million operating loss the carrier reported in the 2012 fourth-quarter.