SAO PAULO: Brazilian airline Gol Linhas Aereas Inteligentes' net loss nearly trebled in the first quarter as the coronavirus pandemic slashed demand for flights, it said on Thursday, hours after announcing it was seeking more cash from investors.

Gol's net loss ballooned to 2.5 billion reais ($467 million) from a loss of 900 million reais in the final quarter of 2020, and it said it expected only a modest uptick in demand in the second quarter.

The epidemic in Brazil, which for much of the quarter was the worst in the world measured by daily death tolls, has hampered a recovery that at the end of last year had left airlines with an upbeat tone.

Gol said travel demand had risen 4% in the third week of April compared to the same week in March and added it now expected its capacity in the second quarter to come in at about 61% of pre-pandemic levels.

First quarter passenger revenue came in at 1.4 billion reais, down from 1.7 billion in the previous quarter, and half what the airline generated in the same period last year.

Gol's available cash and cash equivalents fell to 400 million reais on March 31, and it said late on Wednesday it was raising up to 512 million reais ($95.80 million) in new equity.

While the airline says it has a much higher total liquidity, which includes restricted cash, it acknowledged that even that measure had fallen significantly in the quarter.

Gol said it expected no cash burn in the second quarter, with cash flow at break-even.