17-Nov-2010 1:26 PM

TAM revenue up 23% for three months ended 30-Sep-2010

TAM revenue up 23% - financial highlights for the three months ended 30-Sep-2010:

  • Revenue*: USD1695 million, +23.4% year-on-year;
  • Operating costs: USD1297 million, -3.3%;
  • Fuel: USD504.7 million, +24.8%;
  • Labour: USD332.8 million, +18.9%;
  • EBIT: USD398.2 million, +1137%;
  • Operating profit: USD405.5 million, compared with a loss of USD55.7 million in p-c-p;
  • Total assets: USD7699 million, +9.9% when compared with the period ended 31-Dec-2009;
  • Total liabilities: USD6624 million, -1.4% when compared with the period ended 31-Dec-2009;
  • EBITDA: USD494.5 million, +292.1%;
  • Net profit: USD426.8 million, +224.0%;
  • Operating cash flow: USD250.3 million, -194.1%;
  • Passenger numbers: 9.2 million, +19.3%;
  • Load factor: 75.2%, +5.5 ppts;
  • Breakeven load factor: 67.7%, -0.3 ppt;
  • Operating revenue per ASK: USD 9.08 cents, +6.3%;
  • Operating cost per ASK: USD 8.18 cents, -1.9%;
  • Aircraft utilisation: 12.6 hour, +4.4%;
  • Stage length: 1246, +4.7%;
  • FY2010 forecast:
    • Passenger traffic (RPKs): +22% to +25%;
    • Capacity (ASKs): +12%;
    • Load factor: 69%;
    • Cost per ASK excl fuel: -6%. [more]

*Based on the conversion rate at USD1 = BRL1.734

TAM: "The demand in the domestic market grew 25% from January to October 2010, and due to a stronger than expected growth, we are revising our estimates from a range of 14%-18% to 22%-25%. On the supply side, we are still growing below our estimates, but strengthened the growth in the third quarter and expect a stronger growth until the end of the year, reaching our guidance. We are operating with load factors above estimates both in the domestic and international market, in the domestic market we should end the year roughly in line with the guidance, while in the international market the estimate should be overcome. To have the benefits of the strong international demand, we exceeded our guidance of launching new destinations and frequencies. Our CASK excluding fuel expenses is 9% below the first nine months of 2009. Up to now, the WTI and dollar rates are below our estimates,” Company statement. Source: TAM, 16-Nov-2010.

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