LATAM Airlines reports $963 million loss in fourth quarter

FILE PHOTO: Passenger planes parked on a runway are seen during a general quarantine amid the spread of the coronavirus disease (COVID-19), at the Arturo Merino Benitez International Airport, in Santiago, Chile May 26, 2020. REUTERS/Ivan Alvarado

SANTIAGO (Reuters) – LATAM Airlines Group, the region’s largest airline, on Tuesday reported a loss of $962.5 million in the fourth quarter, hurt by a second wave of the pandemic which has hit Latin America particularly hard.

LATAM filed for bankruptcy protection last May and is still going through a court-supervised reorganization in the United States.

Overall in 2020, the airline lost $4.6 billion, compared with a pre-pandemic profit of $196 million in 2019.

The airline had $1.7 billion in cash and cash equivalents at the end of the year, it said, buffered by significant new debt brought on during the bankruptcy process.

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