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11-Nov-2011 1:04 PM

TAM EBIT down 19%, cash halved in 3Q2011

TAM revenue up 15% – financial highlights for three months ended 30-Sep-2011:

  • Operating revenue: USD1964 million, +14.8% year-on-year;
  • Total operating costs: USD1570 million, +22.5%;
    • Fuel: USD462.2 million, -6.9%;
    • Labour: USD378.3 million, +15.5%;
  • EBIT: USD314.0 million, -18.7%;
  • Net profit (loss): (USD351.7 million), compared to a profit of USD416.3 million in p-c-p;
  • Passenger numbers: 9.5 million, +3.3%;
  • Load factor: 73.7%, -1.5 ppt;
  • Breakeven load factor: 61.4%, -6.4 ppts;
  • Total yield: USD 13.28 cents, +7.6%;
  • Total revenue per ASK: USD 9.42 cents, +4.2%;
  • Cost per ASK: USD 7.83 cents, +13.0%;
  • Cost per ASK excl fuel: USD 5.51 cents, +30.2%;
  • Stage length: 1291, +3.6%;
  • Total assets: USD8826 million, +7.5% when compared to period ended 31-Dec-2010;
  • Cash and cash equivalents: USD292.3 million, -49.1% when compared to period ended 31-Dec-2010;
  • Total liabilities: USD7673 million, +14.3% when compared to period ended 31-Dec-2010;
  • FY2011 forecast:
    • Passenger traffic (RPKs): +15% to +18%;
    • Capacity (ASKs): +10% to +13%;
      • Domestic: +10% to +14%;
      • International: +10%;
    • Load factor: 73% to 75%;
      • Domestic: 67.5% to 70%;
      • International: 83%;
    • Cost per ASK excl fuel: -5%;
  • Fleet plan:

*Based on the conversion rate at USD1 = BRL1.7619

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