LATAM Airlines Group SA today released its financial results for the fourth quarter of 2022, closing a year marked by the completion of its restructuring process under Chapter 11, a solid financial result, and an operational recovery close to pre-pandemic.
In relation to the pre-pandemic period, the group managed to reduce its gross debt by 37.5%, going from US$10.4 billion before Chapter 11 to US$6.5 billion at the end of last year, increasing its liquidity by 78%. reaching US$2.3 billion compared to the period prior to the reorganization process started in May 2020.
During the fourth quarter of last year, the group's total revenue reached US$2,744 million, which represents 37.5% more than the same period of 2021. For its part, EBITDAR reached US$466.8 million in the quarter and LATAM posted net income attributable to parent company owners of US$2,538 million as a result of the restructuring process.
“The results for 2022 show a strengthened and more competitive group than before the pandemic. During the year, the LATAM group made important progress in different areas. The network was expanded through the alliance with Delta and new routes were launched, the cargo business was strengthened and the service for customers was improved. Progress was also made in the renewal of the fleet and the group took a leadership position in sustainability, which allows us to be optimistic about the future. The LATAM group has a competitive cost structure that will allow it to respond to the connectivity challenges of the South American countries”, said Roberto Alvo, CEO of LATAM Airlines Group.
For his part, the CFO of LATAM Airlines Group, Ramiro Alfonsín added that “the group made significant financial progress. On the one hand, gross debt was substantially reduced by 37.5% compared to the pre-pandemic period and liquidity increased, reaching US$2.3 billion at the end of last year. The LATAM group also showed a solid operational recovery in the fourth quarter in which consolidated operations were 83.2% of 2019 levels (measured in ASKs), which represents the highest level of quarterly operations since the beginning of the pandemic. Today LATAM Airlines Group has a more competitive cost structure, a solid balance sheet and a unique level of liquidity in the region to face the challenges of the business”.