LATAM Airlines posts $692 million Q3 loss as pandemic headwinds persist By Reuters


© Reuters. FILE PHOTO: LATAM Airways airplane is seen at Santiago Worldwide Airport, Chile March 30, 2017. REUTERS/Ivan Alvarado/File Picture


By Fabian Cambero

SANTIAGO (Reuters) – Latin America’s largest airline, LATAM Airways (OTC:), reported losses of some $692 million within the third quarter on Tuesday, because the indebted firm stated it was nonetheless battling challenges from the coronavirus pandemic.

LATAM’s whole income climbed to $1.31 billion within the July-September quarter, a rise of 156% in contrast with the identical interval final yr, however solely round half the extent in contrast with earlier than the pandemic struck in early 2020.

“Regardless of the pandemic, which isn’t over but and that’s nonetheless having an impression, we have now managed to shut a 3rd quarter with higher operational efficiency in all companies,” Finance Vice President Ramiro Alfonsín advised reporters.

The outcome was supported by a greater efficiency within the home journey market and strong cargo enterprise, balancing weaker efficiency on worldwide routes hit by international journey restrictions which are nonetheless in flux.

The working capability for the quarter averaged near half the pre-pandemic degree and the airline stated it anticipated to succeed in round 65% of that degree by the tip of the yr. Alfonsín stated he anticipated the airline’s key Brazilian operation to get better to pre-pandemic ranges by the tip of 2021 or early 2022.

In Could 2020, LATAM filed for chapter safety in the US, as a result of impression of the restrictions associated to the pandemic. Alfonsín stated on Tuesday that the airline would current the reorganization plan this month.

“Now we’re finalizing the final particulars of our reorganization plan, for that we’re assembly with stakeholders and we hope to current by November 26,” he stated.

The airline, born from the merger of Chile’s LAN with Brazilian rival TAM in 2012, has working models in Chile, Brazil, Colombia and Peru.

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