Avianca reported a net income of $116 million for 2004, a complete turnaround compared to the $108 million net loss the carrier posted in 2003. The airline said the improvement was primarily the result of benefits generated by its financial and operating restructuring carried out under bankruptcy and also reflected a $119 million equity enhancement. Operating revenues increased 20% to $652 million while direct operating costs rose 12.1% to $387.4 million on an 18.4% jump in fuel costs. ...
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