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

(Reuters) – LATAM Airlines (OTC:) 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.