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Increase in profits for Brazil’s TAM

Increase in profits for Brazil’s TAM

Brazilian airline TAM posted a net profit of BRL60.3 million in the three months to June 30th, reversing a BRL174.8 million net loss in the same period last year.

Earnings before interest, taxes, depreciation, amortization and lease rentals - a gauge of operational profit in the industry known as EBITDAR - increased to BRL312.8 million from BRL289.2 million.

Brazil’s largest airline said revenue totaled BRL3.1 billion, up 16.9 per cent from the second quarter of 2010.

TAM’s locally traded shares were down 0.1 per cent to BRL24.67 shortly after the opening bell in Sao Paulo.

The airline is presently in the process of merging with LAN of Chile.