MercoPress. South Atlantic News Agency

LATAM releases 3Q results: despite losses of US$ 692 million, business picking up and costs down

Revenue improved 47.8% compared to the second quarter of 2021 and 156.1% in 2020, the year the company ended with a net loss of US$ 4,5bn.

LATAM reported on Tuesday that during the third quarter of this year it registered a net loss of US$ 691.9 million, due to the costs of maintenance and the expenses of the restructuring carried out by the pandemic.

The company detailed in a statement that in the period revenues reached US$ 1,314 million which represents 50.7% less than what was achieved in the same period of 2019, before the global health emergency caused by coronavirus.

The revenue data, however, represents an improvement of 47.8% compared to the second quarter of 2021 and 156.1% compared to 2020, the year the company ended with a net loss of US$ 4,5bn.

Cargo revenue registered an increase of 43.6% in the third quarter, compared to the same period of 2019, reaching US$ 361.4 million. Likewise the largest airline in Latin America managed an operational rate of 49,7% compared to 2019, speared by ”a strong recovery in domestic operations and a 75% increase in capacity compared to the second quarter of 2021“

LATAM expects to close the year operating on 65% of consolidated capacity, in seats per kilometer, compared to 2019 levels. “Our operation continues to recover, which translates into a substantial improvement in our revenues during the third quarter,” CEO Roberto Alvo said in the release.

Total costs reached US$ 1,79bn at the end of the third quarter which represents a 25.2% drop compared to the third quarter of 2019.