{"id":142337,"date":"2023-08-03T09:53:00","date_gmt":"2023-08-03T09:53:00","guid":{"rendered":"https:\/?p=142337"},"modified":"2023-08-04T21:54:04","modified_gmt":"2023-08-04T21:54:04","slug":"latam-closes-strong-second-quarter-with-earnings-of-us145-million","status":"publish","type":"post","link":"https:\/\/aviacionaldia.com\/en\/2023\/08\/latam-closes-strong-second-quarter-with-earnings-of-us145-million.html","title":{"rendered":"LATAM closes strong second quarter with earnings of US$145 million"},"content":{"rendered":"\n

LATAM<\/strong> released its financial results for the second quarter of the year, maintaining the positive trend of recent months. At the end of the period, the group had a net income of US$145 million, mainly explained by higher revenues from the passenger segment and lower fuel prices during the quarter. At the end of the first half of 2023, LATAM Airlines Group reported net income of US$267 million.<\/p>\n\n\n\n

During the second quarter, operating income reached US$2,676 million, 20.2% higher than in the same quarter of last year, while adjusted operating expenses were US$2,405 million, resulting in an adjusted operating margin of 10.1% for the quarter.<\/p>\n\n\n\n

LATAM Airlines Group CFO Ramiro Alfons\u00edn said that “the good results achieved in the first six months of the year led the group to update its guidance for 2023. Adjusted operating margin is expected to be between 10% and 11%, up from the previously announced 6% to 8%, and adjusted EBITDAR is expected to be between US$2.35 billion and US$2.5 billion.<\/p>\n\n\n\n

The group continued to strengthen its balance sheet, quarter after quarter, generating US$110 million in cash during the period and reporting total liquidity of US$2.6 billion.<\/p>\n\n\n\n

\u2192 LATAM and Delta inaugurate new route between Sao Paulo and Los Angeles<\/a><\/em><\/strong><\/p>\n\n\n\n

“LATAM has been working systematically and with an eye on the long term. Our financial results are the result of a combination of an effective commercial strategy, an attractive value proposition for customers, disciplined costs, a robust network in the region, world-class punctuality and a solid balance sheet,” said Roberto Alvo, CEO of LATAM Airlines Group.<\/p>\n\n\n\n

Increased and improved connectivity<\/h3>\n\n\n\n

In the second quarter of the year, consolidated operations (measured in ASKs) increased 28.4% compared to the same period of 2022. International operations increased by 48.4% year-over-year, reaching 93% of capacity operated in 2019.<\/p>\n\n\n\n

The subsidiary’s domestic operations in Brazil grew 18% compared to 2022 (measured in ASKs), while the domestic operations of the subsidiaries in Colombia, Chile, Peru and Ecuador increased 6.5% compared to last year. During the second quarter, the group handled 17.1 million passengers, 22.6% more than in the same quarter of 2022.<\/p>\n\n\n\n

LATAM Airlines Colombia added 5 aircraft to its fleet, increasing capacity by approximately 20%. This allowed an increase in its share from 24% in the first quarter to 33% in the second quarter.<\/p>\n\n\n\n

The quarter was particularly active in connectivity. LATAM Airlines Peru announced new routes, such as Lima-Aruba and Lima-Caracas. And as part of the JV with Delta, three new routes and a frequency increase on an existing route were announced, providing improved connectivity between North and South America. Two of these will begin in October: LATAM Colombia will operate Medellin-Miami, LATAM Airlines Peru will operate Lima-Atlanta and Delta Air Lines will add a second daily flight between Atlanta and Bogota. The third new route announced is Cartagena-Atlanta, operated by Delta Airlines, which will begin in December.<\/p>\n\n\n\n

LATAM Airlines Brazil announced a new interline agreement with South African airline Airlink that will be available as of September 2, when the Brazilian subsidiary will resume flights to Johannesburg from Sao Paulo. With this new agreement, LATAM passengers will have access to more than 40 destinations throughout Africa.<\/p>\n\n\n\n

During the second quarter, the group announced two new cargo routes, Miami-Guayaquil and Miami-San Jos\u00e9 Dos Campos, strengthening the Miami hub and expanding its cargo network. It also added its 18th freighter, which is focused on transporting flowers from Colombia and Ecuador to the world, bringing the total number of weekly freighter frequencies from these countries to 65.<\/p>\n\n\n\n

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