TAM reported first-quarter net income of BRL59.2 million ($29.2 million), down 53.3% from BRL126.7 million in the year-ago quarter, a drop mainly attributable to a 37.4% year-over-year increase in aircraft costs and a 40.9% rise in personnel expenses as the fast-growing Brazilian carrier continued to expand into the vacuum created by the near demise of Varig. Revenue increased 15% to BRL1.83 billion as costs jumped 24.8% to BRL1.68 billion, producing operating income of BRL146.1 million, ...

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