LATAM Airlines closed 2023 with US$582 million in net profits

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LATAM Airlines Group released its financial results for the fourth quarter and full year 2023, showing a solid financial and operational performance during the period with net income of US$582 million.

At the end of 2023, LATAM recorded revenues of US$11.789 billion, 23.9% more than in 2022, reaching an adjusted operating margin of 11.3%. In the fourth quarter of 2023, the group had revenues of US$3,251 million, 18.5% more than the same period of the previous year, mainly explained by the sustained growth of passenger revenues, which increased 24.3% compared to the last three months of 2022.

In terms of capital structure, LATAM closed 2023 with US$2,815 million of liquidity, as a result of cash generation of US$498 million during the last twelve months, which allowed it to reach a net debt ratio of 2.1 times, the lowest in its history.

“This performance is a reflection of a culture where we put the customer first, work to deliver better service, maintain a competitive cost structure, incorporate innovation and technology, work towards a sustainable business and contribute to the societies where LATAM Group companies operate. This focus allows us to deliver a better product that has translated into very good financial results,” said Roberto Alvo, CEO of LATAM Airlines Group.

Last December, the LATAM group presented its guidance for 2024, where it projected growth in passenger operations between 12% and 14% (measured in available seat kilometers – ASK), surpassing pre-pandemic levels in the first quarter of this year. The company expects adjusted EBITDAR (earnings before interest, taxes, depreciation and amortization and rent costs) between US$2.6 billion and US$2.9 billion, and an adjusted net debt ratio between 1.8 and 2.0 times.

Operational recovery

Operational During 2023, the LATAM group transported close to 74 million passengers, reaching levels similar to 2019, prior to the pandemic. This result is explained by the increase in passengers carried in the domestic markets of LATAM group subsidiaries in Chile, Brazil, Colombia, Ecuador and Peru, and a strong 50.1% increase in international passengers carried compared to 2022.

In the fourth quarter of 2023, the LATAM group’s consolidated operations, measured in available seat kilometers (ASK), increased 14.7% compared to the same quarter of 2022 (representing 95.5% recovery over 2019 levels). During 2023, the group increased capacity by 20.6% compared to 2022, in line with updated guidance for 2023.

LATAM to resume direct flights between Santiago and Orlando

During 2023, the group took delivery of 30 aircraft, of which 5 were wide-body and 25 were narrow-body, allowing it to increase its offer in all segments. In addition, the group launched 21 routes in total, of which 17 were international and 4 domestic, including 4 routes operated by the group under the Joint Venture with Delta Air Lines.

In 2023, the LATAM group continued to strengthen, with the expansion of its route network regionally and globally. As a result, the group’s subsidiaries increased their respective shares in all the markets where they operate and maintained their market shares in three of the five domestic markets: LATAM Airlines Chile, LATAM Airlines Brazil and LATAM Airlines Peru. LATAM Airlines Colombia increased its market share by nine percentage points, with its quick reaction to allocate additional capacity in the Colombian market.


During 2023, the LATAM group made significant progress in its sustainability strategy. This encompasses three pillars: Climate Change, Circular Economy and Shared Value. In Climate Change, between 2021 and 2023, the group stopped emitting more than 250 thousand tons of CO2, thanks to efficiency programs implemented by the group. In turn, we supported compensation projects that will allow us to conserve more than 575,000 hectares of floodable savannas in Colombia by 2030.

In addition, in August, LATAM and Airbus announced funding for a Massachusetts Institute of Technology (MIT) Joint Program on Global Change Science and Policy (MIT Joint Program) study to identify options for decarbonizing aviation in Latin America, the results of which will be available this year.

In Circular Economy, the group managed to reduce 96% of single-use plastics in all its operations by the end of 2023, equivalent to more than 1,700 tons. On the other hand, the “Second Flight” program, which seeks to give a second life to unused uniforms, through agreements with eight NGOs in the region, has resulted in the creation of more than 15,000 products to date.

In Valor Compartido, meanwhile, the year closed with close to 50 solidarity alliances in five South American countries through the Avión Solidario program.


Continuing with its commitment to improve its product offering and transform the passenger experience, the LATAM group has incorporated the Premium cabin on all its flights and has equipped 65% of its fleet with Wi-Fi, with 99% of the Brazilian subsidiary’s fleet and more than 50% of the Colombian fleet.

In line with its service digitalization strategy, a new website was launched to promote complementary services and optimize passenger services. In addition, progress has been made in the digitalization of airport services.

Passenger satisfaction for the LATAM group, according to the NPS (Net Promoter Score), increased by 2 percentage points (p.p.) with respect to 2022, reaching an index of 48 p.p. For its part, cargo has obtained a satisfaction index of 58 p.p. in 2023, representing an increase of 7 p.p. compared to the previous year.

During the year, LATAM Pass strengthened its presence as the largest loyalty program in Latin America with more than 45 million members, being recognized as the “Best Program of the Year” by Frequent Traveler Awards in 2023.

In addition, the LATAM group was awarded for the fourth consecutive year as the best airline group in the region at the latest Skytrax World Airline Awards.