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Varig Posted A Profit!

Sat Nov 27, 2004 10:34 am

RG has posted a Q3 profit. Did a search on the words Varig, Brasil, Brazil and RG and notihng came up, so here you go:


"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."....

- Reuters.

Nice to see Latin Airlines finally turning around after years of crisis!
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RE: Varig Posted A Profit!

Sat Nov 27, 2004 11:20 am

that's very good news. I hope that this lasts for a while. I've always had a soft spot for RG. Am planning to fly them as part of RTW fare.
Flown to 128 Airports in 48 Countries on 81 Operators. Visited 56 Countries and counting. Wanderlust is like Syphilis, once you have the itch it's too late for treatment.
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RE: Varig Posted A Profit!

Sat Nov 27, 2004 1:14 pm

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.  Big thumbs up

"If goods do not cross borders, soldiers will" - Frederic Bastiat
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RE: Varig Posted A Profit!

Sat Nov 27, 2004 1:16 pm

Didn't US Airways just post a quarterly profit just a very short while ago as well??
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Joined: Mon Jun 14, 2004 1:22 am

RE: Varig Posted A Profit!

Sat Nov 27, 2004 11:25 pm

US poste a profit because it sold a bunch of parked 737s. RG posted a profit because of an increase in revenue.

PPVRA: RG could easily pay the infraero debt with this Q profit.

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