On Nov. 9, Brazilian airline TAM announced that due to the country's worst air disaster it experienced in July, its net profit in the third quarter this year dropped 77.2 percent from what it got in the same period last year, totaling only 48.5 million reals (about US$27.8 million).

It said its net revenues in the same period stood at 2.06 billion reals (about US$1.18 billion), down 0.7 percent year-on-year.

The company explained that the reduction in revenues was mainly prompted by the 17-percent fall in domestic revenues. Its external revenues, however, rose 22.3 percent.

In addition, the total number of passengers it transported in the same quarter dropped 1.4 percent to 6.7 million, but the number of seats it offered increased by 29.3 percent.

Overall, the company said it achieved its growth expectations for 2007.

On July 17, a TAM-operated Airbus A320 slammed into a building while attempting to land at Congonhas Airport, in Sao Paulo, killing 199 people.

The accident had enormous percussions over the entire aviation industry, causing massive cancellations of flights and changing off light routes.

TAM's main competitor, airline Gol, said this week its net profit in the third quarter recorded a 79 percent fall in comparison with the same period in 2006.