Hedges, currency fluctuations drag TAM to $577 million 2008 loss

TAM sank to a BRL1.34 billion ($577.4 million) loss in 2008, a reversal from the BRL468.6 million profit the Brazilian carrier earned in 2007, as its fuel hedges and the depreciation of the real eclipsed operational improvements. Operating revenue rose 29.7% year-over-year to BRL10.96 billion while...

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