Avianca has reported an adjusted net income for the quarter ended December 31, 2014 of $47.4 million, excluding special items, posting an adjusted net income margin of 3.8%. For full year 2014, Avianca earned an adjusted net income of $129.1 million, while the adjusted net income margin came in at 2.7%. Operating revenues amounted to $1.24 billion, up 3.1% over 4Q 2013, mainly due to a 46% increase in cargo and other revenues. These results were partially offset by a 4.3% decrease in passenger revenues due to the capacity reallocation strategy implemented in early 2014. Operating revenues during 2014 totaled

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