UPDATE 2-Brazil airline Gol reports deeper loss than expected

(Adds forecasts)

SAO PAULO, Aug 2 (Reuters) - Brazilian airline Gol Linhas Aereas Inteligentes SA reported its first quarterly net loss in a year on Thursday, as turnaround efforts were overwhelmed by higher fuel costs and a significant depreciation of Brazil's currency.

In a securities filing, Gol reported a net loss of 1.326 billion reais ($354 million) in the second quarter, a much deeper loss than expected by analysts. The airline had posted a net loss of 477 million reais a year earlier.

Five analysts, who gave their estimates in U.S. dollars, on average expected a net loss of $125 million, according to a 8Thomson Reuters I/B/E/S poll.

The airline, Brazil's largest, also revised its earnings per share estimate for the year. It now expects a loss of about 1 real per share, down from an expected profit of about 1 real per share last quarter.

"In 2018, the traditional low season in Brazilian air travel was particularly challenging due to accelerated appreciation of the U.S. dollar against the real, and industry-wide supply disruption that affected demand for air travel," Chief Executive Paulo Kakinoff said in the statement.

A weakening Brazilian real pushes up the cost of fuel, which is priced in dollars, while driving up the cost of repaying foreign debt and discouraging Brazilians from traveling abroad. Gol attributed 1 billion reais in losses to the weakening real.

The company slashed its foreign flights by about 15 percent in May and June from a year before and occupancy on remaining international flights still fell.

Fuel consumed 34 percent of Gol's revenue in the second quarter, up from 29 percent a year earlier. In their forward-looking guidance, Gol said it expects fuel costs to remain flat for 2019.

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 47.3 percent from a year earlier to 208 million reais. (Reporting by Marcelo Rochabrun; Editing by Bernadette Baum and Steve Orlofsky)