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LATAM Airlines Group reports consolidated operating income of US$235 million for fourth quarter of 2013

March 19, 2014 Financial No Comments Email Email

LATAM Airlines Group S.A., the leading airline group in Latin America, announced this week its consolidated financial results for the fourth quarter ended 31 December, 2013.

“LATAM” or “the Company” makes reference to the consolidated entity, which includes passenger and cargo airlines in Latin America.

LATAM Airlines Group reported operating income of US$234.9 million (AUD$258.63 million) for fourth quarter 2013, a 166 per cent increase compared to the US$88.3 million (AUD$97.2 million) operating income in fourth quarter 2012. Operating margin reached 6.9 per cent, an increase of 4.4 points compared to 2.5 per cent in 2012. This strong expansion in margins was driven by significant improvement in the financial results of the domestic Brazil operations and the rationalization of international passenger operations, as well as the continued progress of the integration process, synergy and efficiency initiatives.

During the fourth quarter of the year, and in line with the capacity cuts we had anticipated, we strongly decreased our total capacity as measured in ASKs by 4.5 per cent as compared to the same period in 2012. This capacity rationalization was mainly a result of a strong decrease in capacity in our international network, which decreased by 6.5 per cent as compared to the same period in 2012; and the continued rationalization of our domestic Brazil operations.

For full year 2013, LATAM reported operating income of US$643.9 million (AUD$708.9 million), a 605 per cent increase compared to the US$91.4 million (AUD$100.6 million) in full year 2012 (pro forma). Operating margin reached 4.9 per cent an increase of 4.2 points compared to 0.7 per cent in 2012, in line with the guidance provided by the Company.

For more information please visit www.lan.com. For more detail on fourth quarter results as well as management discussion and LATAM fleet plan please click here.

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