LATAM Airlines presents its results for the 3rd. Trimester
Between July and September, LATAM recorded revenues of US $ 512.9 million, 80.8% less than the same period of the previous year
LATAM Airlines Group reported that, despite having registered a negative net result of US $ 573.1 million at the end of the third quarter, it maintains a solid financial situation with US $ 3.300 million made up of US $ 866 million in cash and US $ 2.45 billion corresponding to financing DIP.
LATAM recorded revenues of US $ 512.9 million between July and September, 80.8% less than the same period of the previous year. The drop is explained by the restrictions to operate due to COVID-19 and the lower demand for passengers.
Regarding cargo revenues, these increased by 12.8%, in which the increase in frequencies between Bogotá to Miami, and from Brazil to China and the United States stand out.
“These results reflect the profound impact of COVID-19 on air demand. However, the group has taken the measures and has the resources to deal with this crisis. We will continue to focus on the reorganization and in parallel, we will continue working on projects such as the alliance with Delta or the digital transformation that are part of the group's long-term vision ”, commented Roberto Alvo, CEO of LATAM Airlines Group.
During the quarter, operating costs reached US $ 1,077.6 million, which represents a drop of 55.0% in relation to the same quarter of 2019. These results are explained by the reduction in passenger operations and the efforts made by LATAM to lower its costs fixed.
In September, LATAM accessed DIP financing for US $ 2.45 billion, having turned US $ 1.15 billion to date, keeping the rest available according to group requirements. This reflects the confidence of the market and the shareholders in LATAM's recovery process.