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LATAM Airlines Group announced its financial results with record profits for the second quarter of 2024, driven by strong operational performance and significant increase in passenger demand.
The airline posted a net profit of US$146 million during the quarter, which represents a cumulative $405 million net profits when considering the first six months of the year.
LATAM registers positive profits in the second half
While, Total operating income reached $3.030 million in the period, those that are mainly explained, due to the increase in passenger revenues following the continued growth of the international segment, and the good performance of domestic subsidiaries, even in low season. At the same time, LATAM reported strong adjusted EBITDAR of $619 million for the quarter, a 10,7% greater than the same period of 2023, due to the increase in operated capacity and the containment of unit costs excluding the fuel variable.
Highlights:
- Record Revenue: Total operating income reached US$3.03 billion, driven mainly by an increase in passenger traffic, especially on international routes.
- Solid Passenger Growth: LATAM transported 19.1 million passengers, an increase of 11.7% interannual.
- Improved Load Factor: The consolidated load factor reached 82.2%, which represents an improvement of 1.8 percentage points compared to the previous year.
- Solid Financial Position: The company ended the quarter with a solid liquidity position of US$3 billion.
Driving Growth and Sustainability
Despite facing challenges such as flooding in Rio Grande do Sul, LATAM has demonstrated a great capacity for adaptation and resilience. The diversification of its revenue sources and its ability to adjust its capacity to changing market conditions have been key factors in its success..
El CFO of LATAM Airlines Group, Ramiro Alfonsín said that “LATAM has achieved solid quarterly results, Driven by increased capacity and robust financial performance, despite being in low season in South America and having a macroeconomic environment that has put pressure on exchange rates. The diversified income structure, as well as the group's ability to reposition capacity between markets will allow it to be in line with projections, supported by historically stronger quarters to come and a stable demand environment”.
Recent Achievements
- Quote in New York: LATAM successfully re-entered the New York Stock Exchange, expanding your investment opportunities.
- Expansion of Credit Lines: The company successfully renegotiated its revolving credit facilities, increasing your financial flexibility.
- Sustainability Leadership: LATAM continues to advance its sustainability goals, collaborating with MIT to explore decarbonization options for the aviation industry.
In terms of recognition, LATAM Airlines Group was awarded as the "Best Airline in South America for the fifth consecutive year, and as Best Airline Crew in South America; for the third consecutive year at the Skytrax World Airline Awards 2024. At the same time, The group's cargo subsidiary was recognized as America's most sustainable cargo airline at the Freighterweek Sustainability Awards.
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