Tunisair said on Tuesday it posted a net profit for 2004 after four successive years of net losses, helped by a two year restructuring plan that cut its financial costs and workforce.

Tunisia's flag carrier said its net profit for last year was TND24.3 million dinars (USD$19.7 million) versus a net loss of TND8.7 million (USD$7.05 million) in 2003.

Tunisair posted a net loss of TND34.0 million (USD$27.6 million) in 2000, its first loss in five decades, and blamed a bloated staff and higher financial costs for its poor performance.

The airline had said it had employed 240 people per plane compared with 180 for its competitors.

It launched a two year turnaround plan at the start of 2003 to trim its 8,000 member workforce and reduce financial costs. It cut 400 jobs in 2004 and more than 300 in the previous year, company officials said.

Tunisair's turnover rose 23.5 percent to TND799.6 million (USD$648.2 million) in 2004 from the previous year as its passenger traffic increased more than 22 percent mainly on record tourist arrivals last year.

The airline draws most of its revenue from tourism in Tunisia where about six million leisure travelers visited in 2004, a record since the North African country began developing its tourism 45 years ago.