{"id":7334,"date":"2023-10-31T00:24:09","date_gmt":"2023-10-31T00:24:09","guid":{"rendered":"https:\/\/infundpros.com\/markets\/stocks\/chiles-latam-airlines-swings-to-profit-as-passenger-traffic-grows\/"},"modified":"2023-10-31T00:24:09","modified_gmt":"2023-10-31T00:24:09","slug":"chiles-latam-airlines-swings-to-profit-as-passenger-traffic-grows","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=7334","title":{"rendered":"Chile’s Latam Airlines swings to profit as passenger traffic grows"},"content":{"rendered":"
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\u00a9 Reuters. A LATAM Airlines plane carrying a shipment of the Sinovac coronavirus disease (COVID-19) vaccine arrives at Carrasco Airport in Montevideo, Uruguay February 25, 2021. REUTERS\/Mariana Greif\/File Photo<\/span>
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SANTIAGO (Reuters) -LATAM Airlines on Monday posted a third-quarter net profit of $232 million, boosted by higher passenger revenues and a turnaround from a loss in the same period last year when the carrier was still in bankruptcy proceedings.<\/p>\n

The profit reverses a year-ago net loss of $296 million, with passenger revenues jumping 26%.<\/p>\n

Available seat kilometers (ASK), a measure of an airline’s seats multiplied by kilometres flown, rose 15%, with recovery seen especially in international flights, Latam said.<\/p>\n

The passenger boost and lower jet fuel prices offset a 20% drop in cargo revenues to bring the carrier’s adjusted operational margin to 13.4%.<\/p>\n

Third-quarter revenue rose by 18% to a record $3.06 billion.<\/p>\n

The airline exited late last year pandemic-related bankruptcy with a $8 billion reorganization plan.<\/p>\n

The company’s adjusted EBITDAR, or earnings before interest, taxes, depreciation, amortization and restructuring or rent costs, increased in the quarter by 82% year-on-year to $726 million.<\/p>\n

Last quarter, LATAM upwardly revised its forecasts for 2023. The company now anticipates adjusted EBITDAR of $2.35 billion to $2.50 billion, up from the previous estimate of $2 billion to $2.2 billion.<\/p>\n

“We now think we’re going to be in the upper end of that range,” said Chief Financial Officer Ramiro Alfonsin in a call with journalists on Monday.<\/p>\n

The carrier slightly raised its projected fleet size to 341 aircraft by 2025.<\/p>\n

LATAM increased its revenue projection in August to $11.3 billion to $11.6 billion, from $11 billion to $11.5 billion. <\/p>\n

Alfonsin added LATAM expected to be in “the high end” of guidance for other metrics beyond EBITDAR, but did not specify further.<\/p>\n

The executive also said that the effect of GTF engine inspections, required after RTX Corp-controlled Pratt & Whitney discovered a rare powder metal defect, would be “marginal” due to the number of aircraft that may be affected.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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