TAM last week reported first-quarter net income of BRL2.6 million ($1.6 million), down 95.7% from BRL59.2 million earned in the year-ago quarter, as escalating expenses offset revenue increases. Total revenue rose 22.7% to BRL2.35 billion but costs lifted 28.5% to BRL2.24 billion including a 48.1% leap in fuel expense to BRL844.8 million. Fuel costs were more than double any other expense category. Operating income was BRL8.5 million, down 89.8% from BRL83.4 million last year. Traffic ...

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