LATAM Airlines Group SA : Chile Latam Airlines 2nd-Quarter Net $49.7 Million Vs. $15.9 Million
08/10/2012| 06:57pm US/Eastern
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Chilean holding company Latam Airlines Group SA (LFL, LAN.SN) reported Friday $49.7 million in second-quarter net profit, up from $15.9 million in the same period of 2011.
After two years of clearing regulatory hurdles, Chile's LAN Airlines and Brazil's TAM merged to form Latam Airlines, the biggest carrier in Latin America and the largest in the world by market capitalization.
The newly created company released quarterly earnings for the first time Friday, but it consolidated LAN and TAM results only for the last eight days of June, as Latam Airlines was created June 22.
The company's second-quarter net profit increased from a year earlier on strong passenger demand, the company said.
Analysts polled by Dow Jones Newswires had expected a second-quarter net profit of $11.7 million, according to their median estimate.
Revenue reached $1.6 billion, up from $1.3 billion in 2011's second-quarter.
The company's second-quarter earnings before interest, taxes, depreciation, amortization and rent costs, or Ebitdar, was $188.3 million, down 6% on year.
Write to Graciela Ibanez at graciela.ibanez@dowjones.com
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