Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

LATAM Airlines reverses loss, posts $122 million net profit in Q1

Published 05/03/2023, 10:41 PM
Updated 05/03/2023, 10:45 PM
© Reuters. FILE PHOTO: A passenger plane arrives at the Arturo Merino Benitez International Airport in Santiago, Chile May 26, 2020. REUTERS/Ivan Alvarado/File Photo
LTMAY
-

(Reuters) - LATAM Airlines (OTC:LTMAY) reported a first-quarter net profit of $121.8 million, the company said on Wednesday, reversing a net loss of $380 million in the year-ago period.

The airline, created by the 2012 merger of Chile's LAN with Brazilian rival TAM, operates units in Chile, Brazil, Colombia and Peru.

Revenue for Santiago-based LATAM during the quarter rose about 43.2% to $2.8 billion from the year-ago period, boosted by an increase in passenger revenue.

Last November, LATAM announced the completion of a years-long restructuring process after it declared bankruptcy in 2020.

The company's operating result reached $263 million in the quarter, according to the airline.

Meanwhile, LATAM'S total operational costs for the quarter stood at $2.54 billion.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.