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The LATAM Group reported a net profit of $121.8 million during the first quarter of 2023 showing continuous good financial results.
LATAM continues to show good performance in its financial results, maintaining the positive trend of recent months after its successful exit from the Chapter 11 last year. At the end of the first quarter, LATAM had a net profit of US$121.8 million. At the same time, managed to achieve liquidity of US$2.5 billion higher than that recorded the previous quarter.
LATAM reports profit
During the period, Total operating income amounted to US$2,805 million, what a represents 43,2% more than 2022. While, Adjusted operating expenses were US$2.51 billion, which generated an adjusted operating margin of 10,5% for the quarter.
The CFO of LATAM Airlines Group, Ramiro Alfonsín said that “after a 2022 when the group completed its financial restructuring, LATAM continues to grow. The first quarter result is a solid reflection of the more efficient cost structure after the initiatives implemented during the reorganization process, accompanied by a healthy context of demand. A) Yes, LATAM generated US$199 million in cash in the first quarter and had a positive net result of US$122 million».
Consolidated operations increased 26,3% in the first quarter of the year compared to the same period of 2022. The domestic flights of the subsidiary in Brazil were up 21,4% regarding the 2022. In the case of domestic flights of subsidiaries in Colombia, Chile, Peru and Ecuador, these decreased 2,3% while international operations increased by 26,3% regarding the levels of 2022.
It is important to note that during 2023 LATAM Airlines Group will restart the route Santiago – Melbourne and the subsidiary in Brazil will restore the Sao Paulo – Johannesburg route.
What's more, the group LATAM wait for the arrival of 15 family airbus A320neo and 6 Boeing 787 during the second half of this year, all of which have already been funded.
Compliance with sustainability goals continues to advance. In the first quarter of the year, the group LATAM achieved a reduction of 88% of single-use plastics and is committed to its goal of reducing 100% at the end of this year. further, and within the framework of promoting the use of Sustainable Aviation Fuel (PURE), In March LATAM invested in the use of SAF for international operations of LATAM Cargo.
An important milestone of the period was the reincorporation of LATAM shares into the IPSA, main index of the Santiago Stock Exchange. It should be remembered that LATAM shares had been eliminated from this index in May 2020, After the group's presentation to Chapter 11.
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