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TAM orders more aircraft and reports USD91m profit for 2010

Brazilian carrier TAM has reported a USD90.6 million profit for 2010 and announced orders for 34 new aircraft. The carrier has signed an MoU for 32 A320 aircraft, comprising 22 A320neo and 10 A320-family aircraft. The order makes TAM the launch customer for the A320neo in Latin America. It has also ordered two B777s.

TAM financial highlights:

  • 12 months ended 31-Dec-2010:
    • Revenue: USD6744 million, +16.5%;
    • Operating costs: USD6256 million, +8.9%;
      • Fuel: USD2075.8 million, +25.9%;
      • Labour: USD1400 million, +17.3%;
    • Operating profit: USD587.6 million, +365.5%;
    • Net profit: USD383.4 million, -48.9%;
    • Passenger numbers: 34.6 million, +13.6%;
    • Load factor: 71.9%, +3.7 ppts;
    • Total revenue per ASK: USD 9.56 cents, +5.3%;
    • Total yield: USD 13.77 cents, -0.1%;
    • Cost per ASK: USD 8.72 cents, -1.5%;
    • Cost per ASK excl fuel: USD 5.83 cents, -7.7%;
  • 2011 forecast:
    • Domestic passenger traffic (RPKs): +15% to +18%;
    • Capacity (ASKs): +10% to +13%;
    • Cost per Ask excl fuel: -5%.

Selected AAD daily share price movements (% change): 28-Feb-2011