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 expenses were up 27.8% to BRL9.86 billion. Operating profit improved 65% to BRL688.6 million from BRL417.4 million in 2007. But financial losses of BRL2.61 billion, compared to earnings of ...

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