TAM returned to profit in 2009, reporting a BRL435.7 million ($241.9 million) surplus under IFRS that compared to a BRL1.43 billion loss in 2008 fueled by nonoperating items. Full-year operating revenue fell 7.1% to BRL9.77 billion, driven by a 9.1% decline in ticket sales to BRL9.09 billion. Expenses were cut 3.6% to BRL9.6 billion, resulting in a 69.6% plunge in EBIT to BRL169.7 million from the BRL558.9 million earned in 2008. Fuel hedges and losses on foreign currency fluctuations ...
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