TAM revenue up 15.1% in 2Q2010

TAM reports (12-Aug-2010) the following financial highlights:

• Three months ended Jun-2010:
  • Revenue*: USD1475.4 million, +15.1% year-on-year;
  • Operating costs: USD1456.9 million, +6.3%;
  • EBIT: USD18.5 million;
  • Net income: (USD87.1 million) compared with a net income of USD313.6 million in p-c-p;
  • Revenue per ASK: USD8.70 cents, +7%;
  • Yield: USD13.50 cents, +3.1%;
  • Passenger numbers: 7.7 million, +8.9%:
  • Load factor: 67.1%, +2.6 ppts.
• Six months ended Jun-2010:
  • Revenue: USD2946.5 million, +6.7%;
  • Operating costs: USD2873.6 million, +3.5%;
  • EBIT: USD72.8 million;
  • Net income: (USD119.9 million) compared with a net income of USD328.1 million in p-c-p;
  • Revenue per ASK: USD8.70 cents, +0.2%;
  • Yield: USD13 cents, -4.9%;
  • Passenger numbers: 16 million, +11.1%;
  • Load factor: 69.6%, +3.8 ppts. [more]

*Based on the conversion rate at USD1 = BRL1.77

TAM: "The demand in the domestic market grew 26% from January to July 2010, and we believe that growth will be less intense in the second half, resulting in an average increase of 14-18% in 2010 against the previous year. On the supply side, we are still growing below our estimates, but we expect stronger growth for the second half, reaching our estimates. The increase will come from a combination of the arrival of new aircraft and the increase in aircraft utilisation in a period of stronger demand," Source: Company statement, 12-Aug-2010.