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 $4.7 billion, up 2.0% when compared to the same period of 2013.
Cost per available seat kilometer (CASK) decreased 4.2% to 10.6 cents in 4Q 2014, compared to 11.1 cents in 4Q 2013. As such CASK ex-fuel reached 7.6 cents, while cycles rose 18.1% for the quarter. CASK for the twelve-month period of 2014 declined 1.5% to 10.7 cents when compared to the same period of 2013.
EBITDAR for 4Q 2014 was $258.1 million, while the EBITDAR margin reached 20.8%, 39bps above the EBITDAR margin reported for 4Q 2013. The EBITDAR for 2014 totalled $786.7 million, while the EBITDAR margin reached 16.7%.
Operating income (EBIT) was $118.4 million, and as a result the operating margin for 4Q 2014 reached 9.54%, in line with the margin recorded for the 4Q 2013. The operating income (EBIT) for the twelve-month period of 2014 was $293.0 million, while the 12-month operating margin in 2014 was 6.2%.
Capacity, measured in ASKs (available seat kilometers), increased 7.6% during 4Q 2014, mostly due to the continued expansion in its domestic markets, the entry into operation of the Bogota-London route as well as three additional weekly frequencies to Barcelona from Bogota. Passenger traffic, measured in RPKs (revenue passenger kilometers), grew 6.1%, reaching a consolidated load factor of 79.6%. During 2014, capacity, measured in ASKs, rose 5.9%, while passenger traffic, measured in RPKs, increased 4.5%, ending the year with an overall load factor of 79.4%.
In accordance with the fleet renovation and modernization plan, between October and December 2014, Avianca took delivery of one A321, one A319 (both equipped with sharklets), three ATR72, one A330, one A330F and four B787 Dreamliners, while phasing-out two Fokker 50. Consequently, Avianca Holdings and its subsidiaries ended the year with a consolidated operating fleet of 181 aircrafts.