TAM reports Q2 net profit of 60.3m reais

Washington DC
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Brazil's TAM has posted a net profit of 60.3 million reais ($37.4 million) in the second quarter of 2011, bouncing back from a net loss of 174.8 million reais in the corresponding quarter last year.

Operating revenue rose 16.9% to 3.05 billion reais year-on-year, while operating expenses grew 16.4% to 3.04 billion reais.

It posted a pre-tax profit of 175.4 million reais, compared to a loss of 209.8 million reais a year ago.

The Star Alliance carrier attributed the growth in income to a rise in passenger revenue in the quarter. RPKs were up 26.4% while passenger numbers rose 24.7% to 9.6 million.

ASKs grew 14.7% during the quarter, and the passenger load factor was up 6.8 percentage points to 73.9%.

For 2011, TAM has forecast growth of 15% to 18% in RPKs and a 10% to 13% growth in capacity. It gave a guidance of 73% to 75% for its load factor.

In the second quarter, the airline received two Airbus A330s, one A321 and one A319, taking its fleet size to 156 aircraft. It also stopped operating the ATR-42, even though the aircraft remains as part of its fleet.