Gol Linhas Aereas Inteligentes SA reported a fourth-quarter loss and predicted that business will get worse this year amid declining demand and a shrinking Brazilian economy. The net loss was 1.18 billion reais ($324 million), the airline said in a statement Tuesday after the close of trading in Sao Paulo. Fourth-quarter net revenue totaled 2.65 billion reais against analyst estimates of 2.66 billion reais. The company posted a record annual loss of 4.46 billion reais. Brazil’s largest carrier by market share said the results reflect the nation’s economic condition and forecast that its takeoffs and total seats would both decline between 15 percent and 18 percent this year. Gol, like its peers, was hit by a 3.8 percent contraction in Brazil’s economy and 33 percent drop in the country’s currency against the U.S. dollar last year. Airlines have been particularly hurt by weak demand among business travelers, who typically generate the most-profitable fares. Returning Aircraft Gol may sell or return early five aircraft in the first half of this year and another 15 to 20 planes between April and December to meet its lower capacity goal, Bradesco BBI analysts wrote in a report after the company released its forecast. Gol last week said it hired SkyWorks Capital to help renegotiate aircraft leases. “We believe that positive feedback from global aircraft leasing companies allowed the company to release 2016 traffic guidance with aggressive reductions in available seats per kilometer and seat capacity,” wrote Bradesco BBI analysts Victor Mizusaki and Leandro Fontanesi. “This process will help by raising cash to enhance the liquidity position via aircraft sales and reduction of restricted cash and optimizing the aircraft fleet.” Gol dropped 5.8 percent to 3.08 reais at 11:32 a.m. in Sao Paulo and was the second-worst performing stock in the BM&FBovespa Small Cap Index. The company’s bonds due 2020 fell 6.25 cents on the dollar, trading at 38.5 cents. Standard & Poor’s this week downgraded Gol to CCC-, nine levels below investment grade, saying the company’s capital structure will become unsustainable amid difficult market conditions and that the airline probably will need to renegotiate some of its debt. Last month, Moody’s cut Gol to Caa1. Fitch also cut the carrier, lowering the rating to CCC and saying Gol is at risk of default in the next 12 to 24 months. Net Debt Gol had cash of 2.3 billion reais at the end of December, equivalent to 23.5 percent of annual net revenue, and net debt of 7 billion reais, the company said. The airline on Monday said it had hired U.S.-based investment bank PJT Partners Inc. in part for advice on strengthening the airline’s debt profile. The airline’s domestic demand as measured by revenue per kilometer dropped 8.3 percent in the fourth quarter. Domestic capacity, or available seats per kilometer, fell 3.7 percent. Brazilian carriers are expected to cut domestic capacity 7 percent this year, according to industry group Abear.