SANTIAGO, Aug 9 (Reuters) – LATAM Airways LTM.SN posted a $769.6 million loss within the second quarter, the corporate mentioned on Monday, as South America’s largest service continued to navigate a chapter introduced on by the coronavirus pandemic.
Whole revenues within the second quarter of 2021 hit $888.7 million, down 62.5% from 2019, the 12 months previous to the pandemic, the corporate mentioned.
“This decline … was defined by a 77.4% lower in passenger revenues and a drop of 22.4% in different revenues, however partially offset by cargo operations,” the corporate mentioned in a press release accompanying its second-quarter outcomes.
LATAM filed for chapter safety in the US in Might 2020, a course of that’s nonetheless ongoing. On the time, it was the world’s largest airline to take such motion due to COVID-19.
The corporate mentioned prices associated to the restructuring, together with lease renegotiations, had contributed to the loss.
LATAM’s working bills additionally fell 46.5% from the identical interval in 2019, as operations remained effectively under pre-pandemic ranges, the outcomes confirmed, decreasing gasoline prices, wages and advantages.
LATAM, headquartered in Santiago, additionally operates in Brazil, Chile, Colombia, Ecuador and Peru, in addition to having worldwide operations all through Latin America, Europe, the US and the Caribbean.
(Reporting by Dave Sherwood and Fabian Cambero; Enhancing by Peter Cooney)
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