LATAM Airlines Group lifts outlook after third-quarter profit rises to $301m

LATAM Airlines Group profit during the third quarter of 2024 rose to $301m as the company managed to hold costs in check and profited from greater demand for air travel. The Santiago, Chile-based carrier says that adjusted for foreign exchange and other gains, profit came in at $339m, up 25% from the same three months last year. Earnings before interest, tax, depreciation, amortization and restructuring (EBITDAR) increased 14% to $828m. “The continuation of strong operational results from previous periods and consistent focus on cost containment have been the driving force behind the financial performance the group is highlighting this third quarter,” the company says. Revenue reached $3.3b, up 7.6% from the same period in 2023, while costs rose 6.8% to $2.83b. Aviation fuel, wages and benefits, and maintenance expenses all rose during the third quarter. “This [revenue] growth was primarily driven by a 6.3% increase in passenger revenues compared to the third quarter of last year,” the company says. “On the other hand, cargo revenues increased by 15.7% during the quarter and have shown year-over-year growth now for two consecutive quarters, marking an upward trajectory.” The carrier increased capacity as measured in available seat kilometres by 15.1%.<br/>