Airline makes investment in Brazil
Date added: 1st March, 2011 at 10:24
(view all articles from March, 2011)
Categories: Economy
TAM airlines has made a $3.2 billion (£1.97 billion) investment in Brazil, buying new planes to keep up with growing demand for air travel in the country.
The firm said the number of people looking for both international and domestic flights is expected to expand by around nine per cent every year for the next two decades.
Two Boeing 777-300ER planes have been ordered alongside 32 Airbus jets, 22 of which are new A320neo models, which are claimed to be more fuel-efficient.
Libano Barroso, the company's chief executive officer, said: "This will translate into cost savings for our clients and increase the level of respect for the environment."
The airplanes will be delivered by 2018, with the Boeing models to be completed by 2014, adding to the 150-strong fleet already operated by the firm.
In 2010, TAM recorded an operating profit of R$977 million (£361 million), up by 365.5 per cent since 2009.
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