Avianca Holdings reported first quarter 2014 adjusted net income of $31.6m, excluding special items. Adjusted net income margin came in at 2.9%. Operating revenues amounted to $1.099bn, down 1.7% over 1Q 2013, mainly due to a 2.2% decrease in passenger revenues, driven by a yield decline of 4.4%, which was partially offset by a 3.3% growth in passenger carried. In line with its cargo capacity expansion and improved capacity utilization, Cargo and other revenues increased by 0.5%. As a result cargo load factor increased by 100 basis points. Adjusted cost per available seat kilometer (CASK) for the period dropped by 2.7%, reflecting the successful implementation of the cost control initiatives. Adjusted EBITDAR was $166.5m, while the EBITDAR margin reached 15.2%. Operating income excluding special items (EBIT) totaled $57.2m, as a result the operating margin for 1Q 2014 was 5.2%.