DALLAS – LATAM Airlines Group (LA) reported a positive operating result of US$73.4m for 4Q21, representing the first improved result for the airline since the beginning of the COVID-19 pandemic, according to a company press release.
According to the release, LA reported a total operating income of US$1,995.9m for 4Q21, representing a 51.9% increase from 3Q21.
The release also showed a 23.7% decrease in operating costs compared for 4Q21 in comparison to 4Q19 as a result of LA cost restructuring efforts.
LA reached a deal with creditors in November 2021. The airline has also transported over 200 million COVID-19 vaccine doses around South America via the “Solidarity Plane” program and recently announced the resumption of the Australia and New Zealand services in March 2022.
Emerging from Chapter 11 on a Strong Footing
Roberto Alvo, the CEO of LA, said, “We hope that the operation continues to recover to reach the magnitude that we knew in 2019.”
Alvo continued, saying “we find ourselves in an uncertain time, not only due to the effects of the new COVID-19 variants but now due to the tension of a warlike conflict that [has] an impact on the prince of oil.”
The release also stated that LA aims to emerge from Chapter 11 bankruptcy in the second quarter of 2022 with a renewed focus on a competitive cost structure and liquidity.
Going forward, LA is focusing on a sustainability strategy with the ultimate goal of carbon neutrality by 2050 along with developing a more competitive business.
Featured image: LATAM Airbus A320-214 registered as PR-MYQ. Photo: João Pedro Santoro/Airways