LATAM Airlines reverses loss, posts $122 million net profit in Q1

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May 3, 2023 10:41 PM EDT

FILE PHOTO: A passenger plane arrives at the Arturo Merino Benitez International Airport in Santiago, Chile May 26, 2020. REUTERS/Ivan Alvarado/File Photo

(Reuters) - LATAM Airlines reported a first-quarter net profit of $121.8 million, the company said on Wednesday, reversing a net loss of $380 million in the year-ago period.

The airline, created by the 2012 merger of Chile's LAN with Brazilian rival TAM, operates units in Chile, Brazil, Colombia and Peru.

Revenue for Santiago-based LATAM during the quarter rose about 43.2% to $2.8 billion from the year-ago period, boosted by an increase in passenger revenue.

Last November, LATAM announced the completion of a years-long restructuring process after it declared bankruptcy in 2020.

The company's operating result reached $263 million in the quarter, according to the airline.

Meanwhile, LATAM'S total operational costs for the quarter stood at $2.54 billion.

(Reporting by Noe Torres and Carolina Pulice; Editing by Brendan O'Boyle)


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