brunos

This factual analysis shows hot bad the situation is at TG.
There is a huge drop in passengers revenue, a significant drop in freight revenues. Employee expenses are stable as there was a one-off provision for special benefits last year. The only bright spots are the reduction in oil prices and currency gains, but these are external events. If TG cuts operations in 2015, it will really need to layoff a huge number of employees to retain to profitability. The 50% cut that someone mentioned above, might be on the high side but the 7,000 voluntary departures mentioned by management are clearly and totally insufficient.