Chile's Latam Airlines swings to profit as passenger traffic grows
© Reuters. A LATAM Airlines plane carrying a shipment of the Sinovac coronavirus disease vaccine arrives at Carrasco Airport in Montevideo, Uruguay February 25, 2021. REUTERS/Mariana Greif/File PhotoSANTIAGO -LATAM Airlines on Monday posted a third-quarter net profit of $232 million, boosted by higher passenger revenues and a turnaround from a loss in the same period last year when the carrier was still in bankruptcy proceedings.
The company's adjusted EBITDAR, or earnings before interest, taxes, depreciation, amortization and restructuring or rent costs, increased in the quarter by 82% year-on-year to $726 million. "We now think we're going to be in the upper end of that range," said Chief Financial Officer Ramiro Alfonsin in a call with journalists on Monday.LATAM increased its revenue projection in August to $11.3 billion to $11.6 billion, from $11 billion to $11.5 billion.
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