TAM Q1 Net Profit Down 22%

TAM SA

reported a 22% decline in its first-quarter net profit. TAM's quarterly net profit dropped to 101 million Brazilian reais ($51.7 million), from BRL129 million, in the year-ago quarter. Its net revenue rose 6% y/y to BRL3.22 billion. TAM shares gained 0.17% to close at $24.00 on Friday.