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LATAM back in black despite 6pc revenue decline as cargo falls 7.7pc
LATAM, South America's biggest airline, last year reversed itself out of a 2015 net loss of US$219.3 million into a profit of $69 million, despite a year-on-year six per cent revenue decline to $9.5 billion.
Fourth quarter net profit of $54.3 million after a year-on-year loss of $16.2 million as year-on-year quarterly revenue increased 6.7 per cent to $2.56 million.
Last year's cargo revenues fell 7.7 per cent year to $309.05 million due to a 3.1 per cent decline in freight volume and 4.8 per cent less in cargo yields. Weak performance was blamed on a downturn in the salmon industry, as well as by a drop in perishable goods, such as flowers and asparagus.
Such declines were offset by an improvement in import revenues from North America and from Europe to Brazil, partly as a result of the appreciation of the Brazilian Real, reported London's Air Cargo News.
Fourth quarter cargo revenue per available tonne-km (ATK) of capacity declined 1.9 per cent year on year, while total cargo capacity, as measured in ATKs, decreased 5.9 per cent, and dedicated freighter capacity was down 13.2 per cent.
This readjustment in available capacity allowed a year-on-year improvement in the load factor of 1.7 percentage points to reach 57 per cent.
Fourth quarter net profit of $54.3 million after a year-on-year loss of $16.2 million as year-on-year quarterly revenue increased 6.7 per cent to $2.56 million.
Last year's cargo revenues fell 7.7 per cent year to $309.05 million due to a 3.1 per cent decline in freight volume and 4.8 per cent less in cargo yields. Weak performance was blamed on a downturn in the salmon industry, as well as by a drop in perishable goods, such as flowers and asparagus.
Such declines were offset by an improvement in import revenues from North America and from Europe to Brazil, partly as a result of the appreciation of the Brazilian Real, reported London's Air Cargo News.
Fourth quarter cargo revenue per available tonne-km (ATK) of capacity declined 1.9 per cent year on year, while total cargo capacity, as measured in ATKs, decreased 5.9 per cent, and dedicated freighter capacity was down 13.2 per cent.
This readjustment in available capacity allowed a year-on-year improvement in the load factor of 1.7 percentage points to reach 57 per cent.
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