LATAM Airways posts $2.5 billion revenue after rising from chapter
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SANTIAGO (Reuters) -LATAM Airways reported a fourth-quarter internet revenue of $2.538 billion, the corporate stated on Thursday, and stated the outcomes mirrored all monetary renegotiations stemming from its chapter proceedings.
The quarterly revenue of South America’s main airline compares to a lack of $2.755 billion throughout the identical three-month interval a 12 months earlier.
Nevertheless the corporate will suggest to not pay out dividends and as an alternative use its 2022 earnings to offset collected losses, it stated in a securities submitting in a while Thursday.
“Earnings for the 12 months ended December 31, 2022 should be used primarily to soak up such losses,” it stated.
The airline, created by the 2012 merger of Chile’s LAN with Brazilian rival TAM, operates models in Chile, Brazil, Colombia and Peru.
Income for Santiago-based LATAM in the course of the quarter rose about 38% to $2.75 billion from the year-ago interval.
Final November, LATAM introduced the completion of a years-long restructuring course of after it declared chapter in 2020.
Chief Monetary Officer Ramiro Alfonsin advised reporters at a information convention on Thursday that “all renegotiations since we left Chapter 11” chapter safety at the moment are mirrored within the quarter’s revenue assertion as earnings.
The corporate’s working end result – which excludes the restructuring course of – reached $139 million within the quarter, based on the airline.
In the meantime, LATAM’S whole prices for the quarter stood at $2.6 billion, nearly in keeping with pre-pandemic ranges, regardless of an almost two-thirds improve in gasoline prices between 2019 and 2022.
(Reporting by Fabian Cambero; Writing by Carolina Pulice; Modifying by David Alire Garcia and Sonali Paul)
