"Brazil's flagship airline, Varig, on Friday posted its first quarterly profit in years as it carried more passengers.
Heavily-indebted Viacao Aerea Rio-Grandense (Varig) had a net profit of BRL262 million reais (USD$95.8 million) in the third quarter, compared with a loss of 243 million (USD$88.8 million) in the same period of 2003.
Between January and September, it accumulated a loss of 305 million (USD$111.5 million), which is 43 percent lower that in the same months of last year.
Net revenues in the third quarter rose to 2 billion (USD$731 million) from 1.6 billion (USD$584.8 million) a year earlier, while in the first nine months of this year they totaled 6.2 billion (USD$2.27 billion), nearly 27 percent more than in the same time in 2003."....
Nice to see Latin Airlines finally turning around after years of crisis!
PPVRA From Brazil, joined Nov 2004, 9088 posts, RR: 36
Reply 2, posted (11 years 2 months 1 week 5 days 11 hours ago) and read 1255 times:
Indeed it's very nice news, however their crisis is far from over...they must pay a soon to INFRAERO (Brazilian airport agency) a sum of R$148 million to airport and landing fees or INFRAERO might sue them for the payments. Not to mention their 6-7 billion debt. But hey, things seem to be improving for them, let's keep our fingers crossed.
I sure want to keep seeing PP-VRA at GRU for a long time to come.
"If goods do not cross borders, soldiers will" - Frederic Bastiat