Colombia’s largest airline Avianca reported $111 million net earnings for 2011 said local media Monday.
The report marked a financial turn around for Avianca, which reported a $6 million loss in 2010.
Last year Avianca merged with Central American airline conglomerate TACA. The two companies are now fully owned by AviancaTACA, a holding company established in Panama.
Under the agreement Avianca and TACA will continue to operate independently until the an agreement to join the Star Alliance comes in to force.
The Star Alliance is an affiliation of international airlines and, in order for AviancaTACA’s to be accepted, the companies must consolidate under one brand name.