LATAM Airlines Group, the largest airline in Latin America, reported Q3 net losses of $692mn, compared to a loss of $573mn in the 3Q2020 mainly due to the increase in costs associated with aircraft maintenance as operations ramp up of certain tasks that were deferred during the pandemic. Total revenues in Q3 amounted to $1.3bn, compared to $513mn in 3Q2020. The passenger revenue contributed $914mn, compared to $121mn in the 3Q2020. Cargo revenue stood at $361mn, up 27% YoY whilst other revenues decreased 65.2% to $37mn YoY. LATAM held $930mn in cash and cash equivalents for the 3Q2021, up 9%YoY. LATAM’s financial debt decreased 4% to $7.5bn QoQ. LATAM announced a reorganization plan this month, after filing for bankruptcy protection in the United States last year. Finance Vice President Ramiro Alfonsín said, “Despite the pandemic, which is not over yet and that is still having an impact, we have managed to close a third quarter with better operational performance in all businesses.”
LATAM´s USD bonds were trading stable with its 7% 2026s trading at 91, yielding 9%.
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