Latam Airlines Group 2013

Universidad Tecnolgica de Panam

A. Case Abstract
JetBlue Airways is a comprehensive business policy and strategic management
case that includes the companys year-end !!" #inancial statements$ competitor
in#ormation$ and more% &u##icient internal and e'ternal data are provided to enable
students to evaluate current strategies and recommend a three-year strategic plan #or the
company% (ead)uartered in *orest (ills$ +ew ,or-$ JetBlues common stoc- is publicly
traded on the +ew ,or- &toc- .'change under the tic-er symbol JB/U%
As o# *ebruary 00$ !!1$ JetBlue operated 23 daily #lights serving 4!
destinations in 0 states$ Puerto 5ico$ the 6ominican 5epublic$ and the Bahamas% 7t
operated a #leet o# 20 new Airbus A4! aircra#t% 7n addition$ through its wholly owned
subsidiary$ /iveT8$ //9$ the company provides in-#light entertainment systems #or
commercial aircra#t$ including live in-seat satellite television$ digital satellite radio$
wireless aircra#t data lin- service$ and cabin surveillance systems% The company mar-ets
its services through advertising and promotions in newspapers$ maga:ines$ television$
radio$ and outdoor billboards; and through targeted public relations% JetBlue Airways was
incorporated in 0<<= and is based in *orest (ills$ +ew ,or-%
7n the si' years since its launch$ JetBlue Airways has #ocused on creating a new
airline category -- a value airline with values% The low-cost carrier currently serves 4"
destinations with more than 42! #lights daily% >nboard JetBlue$ customers en?oy roomy
leather seats and 43 channels o# #ree 675.9T8
@rA
programming$ the most live T8
available on any airline% >n #lights longer than two hours$ a selection o# #irst-run movies
and bonus #eatures #rom *>B 7n*light
@tmA
is also available% JetBlue o##ers customers
generous brand name snac-s and beverages$ including #reshly brewed 6un-inC 6onuts
co##ee$ and delicious wines selected by the airlineCs /ow *are &ommelier$ Josh Desson
#rom Best 9ellars% Dith JetBlue$ all seats are assigned$ all travel is tic-etless$ all #ares are
one-way$ and an overnight stay is never re)uired%
B. Vision Statement @proposedA
/levar &udamErica al mundo y posicionarnos para poder operar en un escenario
cada ve: ms competitivo$ producto de la continua consolidacin del sector aEreo
mundial%
>#recer nuevos destinos para nuestros clientes$ crear ms oportunidades para
nuestros ms de 10 mil empleados y generar mayor valor para los accionistas%
C. Mission Statement @actualA
"<
&a#etyF De commit to sa#ety #irst @2A$ comply with all regulator agencies$ set and
maintain consistently high standards @3A$ ensure the security o# crew members and
customers @<A$ and never compromise sa#ety%
9aringF Gaintain respect#ul relationships with crew members and customers @0A$ strive to
be a role model at wor- and in the community$ embrace a healthy balance between wor-
and #amily$ ta-e responsibility #or personal and company growth%
7ntegrityF 6emonstrate honesty$ trust$ and mutual respect$ give the JetBlue values a
heartbeat$ never compromise the values #or short-term results$ possess and demonstrate
broad business -nowledge$ commit to sel#-improvement%
*unF .'hibit a sense o# humor and the ability to laugh at sel#$ add personality to the
customer service$ demonstrate and create enthusiasm #or the ?ob$ see- to convert a
negative situation into a positive customer e'perience$ create a #riendly environment
where ta-ing ris- is o-ay%
PasinF .ntregar un servicio de e'celencia a sus pasa?eros y clientes de carga$
comprometidos con la seguridad$ con#iabilidad y clida atencin%
D. Eternal Au!it
"pportunities
0% .l aHo pasado /atinoamErica creci alrededor de =$4I en tErminos de pasa?eros y
esto la convirti en el segundo mercado de mayor crecimiento en el mundo despuEs
del Gedio >riente y para los pr'imos ! aHos Boeing pronostica )ue la regin va a
ser uno de los tres mercados de mayor crecimiento despuEs de Asia y Gedio >riente%
% .l Jrupo /ATAG podrKa verse bene#iciado en gran parte con la salida de 7beria de
algunas rutas entre destinos de .uropa y AmErica de &ur$ dado el plan de saneamiento
)ue la aerolKnea espaHola aprob el despido de "%1!! personas adems de la
parali:acin del crecimiento de la aerolKnea% 7beria su#rir un recorte en las
estimaciones de #lota trasatlntica$ los aviones )ue vuelan a /atinoamErica$ de un
"!I$ por lo )ue ver mermada la capacidad y )ue /ATAG ya ha captado la
oportunidad )ue tienen ante sK$ pero )ue no contaba con la incursin de Avianca para
ad)uirir la aerolKnea Transportes AEreos Portugueses @TAPA lo )ue har de .uropa un
ob?etivo para disputarse%
4% +o hay nada )ue indi)ue )ue la regin latinoamericana va a su#rir o tener grandes
amena:as% /os paKses )ue nos siguieron el modelo van a seguir bien$ como 9olombia$
Brasil$ PerL$ 9hile$ GE'ico$ y algunos de 9entroamErica$ tienen buenas perspectivas
en este campo%
"% TAG tiene #uer:a en las rutas del Atlntico mientras )ue /A+ tiene me?ores rutas en
el PacK#ico$ esta sinergia les da grandes oportunidades de crecer en los mercados del
norte y .uropa%
1% .l grupo /atam se sumara a la alian:a global >ne Dorld% .ste ingreso le permitir a
las dos aerolKneas )ue integran el Jrupo sumarse a una red de ms de <1! destinos en
1!
casi 03! paKses% TAG de?ar &tar Alliance en el segundo trimestre del !0"$ y a partir
de ese momento$ los pasa?eros de TAG pasarn a acumular -ilmetrosMpuntos cuando
via?en en cual)uier aerolKnea perteneciente a >ne Dorld%

#$reats
1. Un poco ms del "!I de los costos operacionales estn ligados a un producto como
el petrleo )ue no es estable en los mercados%
2. TAP esta en proceso de privati:acin por parte del gobierno portuguEs% .sta es una
compaHKa de buena marca y reputacin$ y tiene muchas sinergias con el resto del
grupo de aerolKneas$ )ue es controlado por &inergy &pace$ )ue est licitando su
compra% Avianca-Taca ha mostrado interEs en ad)uirirla$ y de dar este paso podrKa
incursionar con un #uerte movimiento en el mercado europeo$ )ue aun cuando
algunos paKses presentan una marcada crisis econmica$ sigue siendo un mercado
atractivo y en especial cuando se presentan nuevas o#ertas.

C%M Competiti&e %ro'ile Matri
Air#ran Air(a)s *etBlue Sout$(est
Critical Success +actors ,ei-$t .atin- ,ei-$te!
Score
.atin- ,ei-$te!
Score
.atin- ,ei-$te!
Score
Advertising
Price 9ompetitiveness
9ustomer /oyalty
Gar-et &hare
.-commerce
Production Nuality
Jlobal .'pansion
&ales 6istribution
!%0!
!%0!
!%!
!%01
!%!1
!%01
!%01
!%0!

"
4
0
4
!%!
!%4!
!%"!
!%4!
!%!
!%"1
!%01
!%4!

4
4
0
"

!%!
!%4!
!%3!
!%01
!%!
!%4!
!%01
!%!
4
4
4

"
4
0
4
!%4!
!%4!
!%3!
!%4!
!%!
!%"1
!%01
!%4!
#otal 1.00 2.30 2./0 2.10
Eternal +actor E&aluation 2E+E3 Matri
Critical Success +actors ,ei-$t .atin- ,ei-$te! Score
"pportunities
0% 6elta is currently undergoing ban-ruptcy
@1% billion lossA%
!%!3 !%0
% >P.9 is raising #uel production another
1!!$!!! barrels a day%
!%!3 4 !%0=
4% Gaterial de#ense agreements% !%!4 4 !%!<
"% Airway travel increased =%0 percent in !!"% !%!= !%03
1% The government issued a O%4 billion cash
grant towards security%
!%!" !%!=
3% 6omestic emplacements rose "%= percent in
!!"%
!%!" !%!=
2% 7nternet increased leisure and unmanaged
business travel by 4 percent%
!%0! 4 !%4!
=% .'tra business class seats are in demand% !%!< !%0=
#$reats
0% >il prices vary around O1! per barrel% !%!< 4 !%2
10
% >vercapacity has constrained airlines
abilities to raise #ares%
!%!= 4 !%"
4% Possibility o# #uture terrorist attac-s since
<M00%
!%! 4 !%!3
"% Airline stoc- price inde' declined 0"%3
percent in !!"%
!%!1 !%0!
1% 6omestic yield averages about 00%44
percent%
!%!" !%!=
3% 7nternational replacements increased 04%<
percent%
!%!" !%!=
2% 2= percent o# travel was automobile$ truc-s$
and recreational vehicles%
!%!" 4 !%0
=% /abor absorbed 4"%3 percent o# total airline
revenues%
!%!3 4 !%0=
<% The industry is dominated by small low-cost
airlines%
!%!= " !%4
#otal 1.00 2.14
E. 5nternal Au!it
Stren-t$s
0% (ad 03 consecutive )uarters o# pro#its%
% *re)uent #lyer program with over million subscribers%
4% Aggressively see-s oil option contracts%
"% 0!! percent o# tic-ets are .-tic-ets%
1% .'cellent customer loyalty%
3% >ver =! percent o# #lights are on time%
2% Bulletproo# coc-pits in all planes%
=% &tate o# the art technology with satellite television and BG radio%
<% +ew #leet%
0!% /ow prices$ some starting at O<%!!%
,ea6nesses
0% /imited destinations%
% &elected mar-eting areas%
4% *ew spare ?ets on ground so sub?ect to delays%
"% /ow bargaining power; limited number o# suppliers #or engines%
1% .'piring warranties increases maintenance cost%
3% 6ependence o# +, hub%
2% +o established line o# credit%
=% Automatic systems%
+inancial .atio Anal)sis @January !!3A
Gro(t$ .ates 7 *etBlue 5n!ustr) S%8000
&ales @Ntr vs year ago )trA 44%1! "3%0! 2%!
1
+et 7ncome @,T6 vs ,T6A -0!!%!! 1%"! %1!
+et 7ncome @Ntr vs year ago )trA -0!!%!! 0<1%"! 0!%3!
&ales @1-,ear Annual Avg%A +A 2%<" 4%21
+et 7ncome @1-,ear Annual Avg%A +A 0%"4 04%0!
6ividends @1-,ear Annual Avg%A +A 4!%!" 3%10
%rice .atios
9urrent PM. 5atio +A 4%= !%4
PM. 5atio 1-,ear (igh +A 20%< 3"%=
PM. 5atio 1-,ear /ow +A 02%" 02%"
PriceM&ales 5atio 0%!! 0%1 0%30
PriceMBoo- 8alue %0= %=! 4%!1
PriceM9ash *low 5atio 04%! 0%<! 04%!
%ro'it Mar-ins
Jross Gargin "3% ""%! "2%!
Pre-Ta' Gargin 0%< <%1 00%=
+et Pro#it Gargin -0% 3%3 =%0
1,r Jross Gargin @1-,ear Avg%A +A ""%! "2%!
1,r PreTa' Gargin @1-,ear Avg%A +A 3%1 <%3
1,r +et Pro#it Gargin @1-,ear Avg%A +A "%" 3%0
+inancial Con!ition
6ebtM.)uity 5atio %1" !%2! 0%!2
9urrent 5atio 0%! 0%4 0%1
Nuic- 5atio !%< 0%0 0%0
7nterest 9overage 0%" 3%! 4%=
/everage 5atio "%1 %2 1%=
Boo- 8alueM&hare "%<2 2%4 0%10
5n&estment .eturns 7
5eturn >n .)uity +A 0%0 01%"
5eturn >n Assets -!%3 "%1 %3
5eturn >n 9apital +A 2%0 2%"
5eturn >n .)uity @1-,ear Avg%A +A <%4 0%
5eturn >n Assets @1-,ear Avg%A +A 4%4 %!
5eturn >n 9apital @1-,ear Avg%A +A 1%4 1%2
Mana-ement E''icienc)
7ncomeM.mployee -4$!!! 0"$!!! =$!!!
5evenueM.mployee =3$!!! 03$!!! 4"0$!!!
5eceivable Turnover 41% 1% 2%!
7nventory Turnover +A 4!% =%!
Asset Turnover !%1 !%2 !%4
Adapted #rom www%cnbc%com
Date A&-. %9E %rice9Sales %rice9Boo6 :et %ro'it Mar-in 273
0M!1 +A 0%"4 +A -0%
0M!" 1=%1! 0%<0 4%! 4%=
0M!4 4%0! %20 "%!4 0!%"
0M! 4"%!! %20 "%03 =%3
Adapted #rom www%cnbc%com
Date Boo6 Value9 S$are Debt9E;uit) ."E 273 ."A 273 5nterest Co&era-e
0M!1 +A +A +A +A +A
0M!" O"%=" 0%=1 3%4 0%2 %"
0M!4 O"%4< 0%10 01%1 "%= 2%0
0M! O%=< 0%1" 04% "%! 2%0
Adapted #rom www%cnbc%com
14
:et ,ort$ Anal)sis @January !!3 in millionsA
0% &toc-holders .)uity P Joodwill Q 213 P ! O 213
% +et income ' 1 Q O"2 ' 1Q O 41
4% &hare price Q O00%!!M.P& @!%04A QO' +et 7ncome O"2Q O
"% +umber o# &hares >utstanding ' &hare Price Q 01= ' O00%!! Q O 0$24=
Met$o! A&era-e <2=>2?
5nternal +actor E&aluation 25+E3 Matri
@e) 5nternal +actors ,ei-$t .atin- ,ei-$te! Score
Stren-t$s
0% (ad 03 consecutive )uarters o# pro#its% !%!< " !%43
% *re)uent #lyer program with over
million subscribers%
!%0! " !%"!
4% Aggressively see-s oil option contracts% !%!3 4 !%0=
"% 0!! percent o# tic-ets are .-tic-ets% !%!4 " !%0
1% .'cellent customer loyalty% !%!2 " !%=
3% >ver =! percent o# #lights are on time% !%!3 " !%"
2% Bulletproo# coc-pits in all planes% !%! " !%!=
=% &tate o# the art technology with satellite
television and BG radio%
!%!1 " !%!
<% +ew #leet% !%!4 " !%0
0!% /ow prices$ some starting at O<%!!% !%0! " !%"!
,ea6nesses
0% /imited destinations% !%0! 0 !%0!
% &elected mar-eting areas% !%!" 0 !%!"
4% *ew spare ?ets on ground so sub?ect to
delays%
!%!= 0 !%!=
"% /ow bargaining power; limited number
o# suppliers #or engines%
!%!2 !%0"
1% .'piring warranties increases
maintenance cost%
!%!1 0 !%!1
3% 6ependence o# +, hub% !%!1 !%0!
#otal 1.00 2./?
+. S,"# Matri
Stren-t$s ,ea6nesses
0% (ad 03 consecutive )uarters o#
pro#its%
% *re)uent #lyer program with
over million subscribers%
4% Aggressively see-s oil option
contracts%
"% 0!! percent o# tic-ets are .-
tic-ets%
1% .'cellent customer loyalty%
3% >ver =! percent o# #lights are
0% /imited destinations%
% &elected mar-eting areas%
4% *ew spare ?ets on ground so
sub?ect to delays%
"% /ow bargaining power; limited
number o# suppliers #or
engines%
1% .'piring warranties increases
maintenance cost%
3% 6ependence o# +, hub%
1"
on time%
2% Bulletproo# coc-pits in all
planes%
=% &tate o# the art technology with
satellite television and BG
radio%
<% +ew #leet%
0!% /ow prices$ some starting at
O<%!!%
2% +o established line o# credit%
=% Automatic systems%
"pportunities S8" Strate-ies ,8" Strate-ies
0% 6elta is currently undergoing
ban-ruptcy @1% billion lossA%
% >P.9 is raising #uel production
another 1!!$!!! barrels a day%
4% Gaterial de#ense agreements%
"% Airway travel increased =%0
percent in !!"%
1% The government issued a O%4
billion cash grant towards
security%
3% 6omestic emplacements rose
"%= percent in !!"%
2% 7nternet increased leisure and
unmanaged business travel by
4 percent%
=% .'tra business class seats are in
demand%
0% Advertise low #ares to increase
tic-et sales @&0!$ >0A%
% Add more business class seats to
planes @&$ &1$ >"$ >2$ >=A%
4% 9ontinue to add planes to the
new #leet @&<$ >"$ >2A%
0% 7ncrease destinations @D0$ >"$
>2A%
% 7ncrease planes to ensure there
are ample planes #or demand
and to reduce delays @D4$ D3$
>"$ >2A%
#$reats S8# Strate-ies ,8# Strate-ies
0% >il prices vary around O1! per
barrel%
% >vercapacity has constrained
airlines abilities to raise #ares%
4% Possibility o# #uture terrorist
attac-s since <M00%
"% Airline stoc- price inde'
declined 0"%3 percent in !!"%
1% 6omestic yield averages about
00%44 percent%
3% 7nternational replacements
increased 04%< percent%
2% 2= percent o# travel was
automobile$ truc-s$ and
recreational vehicles%
=% /abor absorbed 4"%3 percent o#
total airline revenues%
<% The industry is dominated by
small$ low-cost airlines%
0% 7ncrease #leet to ensure #lights
are on time @&3$ TA%
% 9ontinue to o##er cheap #lights
to persuade people to #ly
JetBlue @&0!$ T4$ T2A%
0% 7mprove automatic systems to
reduce costs @D=$ T0$ T$ T=A%
11
G. S%ACE Matri
13
y-a'is Q *& P .& Q %3 P @-"%!A Q -0%"
'-a'is Q 9A P 7& Q -4%" P @P"%3A Q 0%
A. Gran! Strate-) Matri
12
0% 5elated diversi#ication
% Unrelated diversi#ication
4% Joint venture
5. #$e 5nternal8Eternal 25E3 Matri
1=
#$e 5+E #otal ,ei-$te! Score
&trong Average Dea-
4%! to "%! %! to %<< 0%! to 0%<<
(igh 7 77 777
4%! to 4%<<


Gedium 78 8 87
#$e E+E #otal
,ei-$te! Score
%! to %<<
*etBlue
/ow 877 8777 7B
0%! to 0%<<


Aol! an! Maintain
*. BS%M
Strate-ic Alternati&es
@e) 5nternal +actors ,ei-$t
5ncrease 'leet to
ensure !eman! is
met.
A!! business class
seats to planes.
Stren-t$s AS #AS AS #AS
0% (ad 03 consecutive )uarters o# pro#its% !%!< 4 !%2 !%0=
% *re)uent #lyer program with over million
subscribers%
!%0! 4 !%4! !%!
4% Aggressively see-s oil option contracts% !%!3 --- --- --- ---
"% 0!! percent o# tic-ets are .-tic-ets% !%!4 --- --- --- ---
1% .'cellent customer loyalty% !%!2 " !%= !%0"
3% >ver =! percent o# #lights are on time% !%!3 " !%" !%0
2% Bulletproo# coc-pits in all planes% !%! --- --- --- ---
=% &tate o# the art technology with satellite television
and BG radio%
!%!1 --- --- --- ---
1<
<% +ew #leet% !%!4 " !%0 4 !%!<
0!% /ow prices$ some starting at O<%!!% !%0! --- --- --- ---
,ea6nesses
0% /imited destinations% !%0! --- --- --- ---
% &elected mar-eting areas% !%!" 4 !%0 !%!=
4% *ew spare ?ets on ground so sub?ect to delays% !%!= " !%4 0 !%!=
"% /ow bargaining power; limited number o#
suppliers #or engines%
!%!2 --- --- --- ---
1% .'piring warranties increases maintenance cost% !%!1 --- 888 --- 888
3% 6ependence o# +, hub% !%!1 --- 888 --- 888
SCB#"#AL 1.10 0./?
@e) Eternal +actors ,ei-$t
5ncrease 'leet to
ensure !eman! is
met.
A!! business class
seats to planes.
"pportunities AS #AS AS #AS
0% 6elta is currently undergoing ban-ruptcy @1% billion
lossA%
!%!3 4 !%0= !%0
% >P.9 is raising #uel production another 1!!$!!!
barrels a day%
!%!3 --- --- --- ---
4% Gaterial de#ense agreements% !%!4 --- --- --- ---
"% Airway travel increased =%0 percent in !!"% !%!= " !%4 4 !%"
1% The government issued a O%4 billion cash grant
towards security%
!%!" --- --- --- ---
3% 6omestic emplacements rose "%= percent in !!"% !%!" --- --- --- ---
2% 7nternet increased leisure and unmanaged business
travel by 4 percent%
!%0! " !%! !%!
=% .'tra business class seats are in demand% !%!< !%!< " !%43
#$reats
0% >il prices vary around O1! per barrel% !%!< --- --- --- ---
% >vercapacity has constrained airlines abilities to
raise #ares%
!%!= " !%4 !%03
4% Possibility o# #uture terrorist attac-s since <M00% !%! --- --- --- ---
"% Airline stoc- price inde' declined 0"%3 percent in
!!"%
!%!1 --- --- --- ---
1% 6omestic yield averages about 00%44 percent% !%!" --- --- --- ---
3% 7nternational replacements increased 04%< percent% !%!" --- --- --- ---
2% 2= percent o# travel was automobile$ truc-s$ and
recreational vehicles%
!%!" --- --- --- ---
=% /abor absorbed 4"%3 percent o# total airline revenues% !%!3 --- --- --- ---
<% The industry is dominated by small$ low-cost
airlines%
!%!= --- --- --- ---
SCB#"#AL 1.11 1.0/
#"#AL A##.AC#5V:ESS SC".E 2.>1 1.?>
@. .ecommen!ations
3!
Add ! new planes @Boeing 242 or similar modelsA to the #leet to ensure demand
and have e'tra planes to help during delays% Total cost O3!G each
@httpFMMwww%boeing%comMcommercialMpricesA%
7ncrease #irst class seating in all planes% Total cost O1!G%
7mplement these strategies over a #ive-year period%

L. E%S9EB5# Anal)sis
O Amount +eededF <!G
&toc- PriceF O00
Ta' 5ateF 4=I
7nterest 5ateF 2I
R &hares >utstandingF 01=G
M. Epilo-ue
>n *ebruary 0$ !!3$ JetBlue posted a #ourth-)uarter loss o# O"%" million on
much higher #uel costs% 5evenue ?umped 4" percent to O""3 million #rom O44%= million
a year ago% (owever$ JetBlues increased revenue could not o##set the impact o# sharply
higher #uel costs% The airline #orecasts losses #or the #irst )uarter and #ull year !!3%
9ompany stoc- #ell to a new 1-wee- low o# O00%0! in early !!3% The company paid 1!
percent more #or ?et #uel during the #ourth )uarter -- an average price o# O0%=2 per gallon
versus O0%" per gallon a year ago%
30
7n contrast$ low-cost rival &outhwest Airlines reported its #ourth-)uarter pro#it
surged 1" percent to O=3 million$ or 0! cents per share% &outhwest reaped the bene#its o#
a bet it made several years ago to hedge against #uel prices% &outhwest bought options
that loc-ed in prices on most o# its ?et #uel needs through !!<$ so#tening the blow o#
higher #uel costs% As a result o# this hedging$ &outhwest paid about O0%! per gallon
instead o# the #ull price$ about O per gallon$ #or #uel in the #ourth )uarter -- #ar less than
JetBlue spent% JetBlue said revenue passenger miles -- e)ual to one paying passenger
#lown one mile -- ?umped percent to 1% billion during the )uarter% Available seat
miles$ an industry measure o# capacity$ grew 1 percent to 3%" billion% /oad #actor$ or the
percentage o# seats #illed with passengers$ declined 0%= percentage points to =0 percent%
*ull-year !!1 JetBlue losses totaled O!%4 million$ or 04 cents per share$
compared with earnings o# O"3% million$ or = cents per share$ in !!"% Annual revenue
rose 4" percent to O0%2! billion #rom O0%3 billion in !!"% JetBlue #orecasts a negative
operating margin between 4 percent and 1 percent in the #irst )uarter o# !!3$ assuming
an aircra#t #uel cost o# O0%< per gallon% The company e'pects to post losses #or the #irst
)uarter and #ull year% JetBlue customers in January !!3 grew 1%0 percent as capacity
and departures increased% &ystemwide$ the airline posted 0%2< billion revenue passenger
miles$ up #rom 0%"4 billion in the year-ago period% >ne revenue passenger mile e)uals
one paying passenger #lown one mile% 9apacity increased 2% percent to % billion
available seat miles$ while departures rose 44% percent to 00$0<3 #rom =$"!2% /oad
#actor$ or the percentage o# seats #illed with passengers$ #ell to =%4 percent #rom =4%2
percent% Total passengers boarded grew 2%= percent to 0%" million #rom 0%0 million in
January !!1%
3