Avianca Reported $127.4 Million Worth of Revenues in 2004

Avianca, the Colombian-flag airline, garnered 304 million pesos ($127.4 million) in gains in the course of last year after enduring losses of nearly 310 million pesos ($111.4 million) back in 2003.

The figures were revealed earlier this week by the company´s new president, Fabio Villegas, during a shareholders´ meeting held in the Caribbean-bathed seaport of Barranquilla.

Avianca flied out of Chapter 11 of the U.S. Bankruptcy Act in December 2004.

Mr. Villegas indicated this turn of events that has made his company move out of the red is owed to the financial and operational overhaul carried out by Avianca under the wing of Chapter 11. At the same time –he said- the rebound reflects a recovery of Avianca´s assets.