Latin America’s Largest Airline Reports Huge Pandemic Losses

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November 10. Latin America’s largest airline, LATAM Airlines (LTM.SN), reported losses of some $692 million in the third quarter on Tuesday, as the indebted company said it was still battling challenges from the coronavirus pandemic.

LATAM’s total revenue climbed to $1.31 billion in the July-September quarter, an increase of 156% compared with the same period last year, but only around half the level compared with before the pandemic struck in early 2020.

The result was supported by a better performance in the domestic travel market and solid cargo business, balancing weaker performance on international routes hit by global travel restrictions that are still in flux.

The operating capacity for the quarter averaged close to half the pre-pandemic level and the airline said it expected to reach around 65% of that level by the end of the year.

In May 2020, LATAM filed for bankruptcy protection in the United States, due to the impact of the restrictions related to the pandemic.

Source: The St Kitts & Nevis Observer

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86790cookie-checkLatin America’s Largest Airline Reports Huge Pandemic Losses