Brazil says LATAM Airlines' TAM done with layoffs through 2014

SAO PAULO Fri Oct 11, 2013 10:19am EDT

SAO PAULO Oct 11 (Reuters) - Brazilian airline TAM, the local unit of LATAM Airlines Group, has finished with layoffs this year and does not expect more in 2014, the country's civil aviation ministry said in a Friday statement.

TAM has cut 780 employees in the past two months, according to the ministry, reducing its workforce by 4 percent in an attempt to restore profits despite high fuel costs and a weaker local currency. As a result, TAM expects an operating profit margin between 4 percent and 6 percent this year.