Q2 Losses for Latam Airlines almost hit 1 billion USD
The South American airline struggles amidst the current pandemic flight restrictions.
LATAM Airlines (OTCPK: LTMAQ): net loss of $ 890 million in the second quarter compared to a loss of $ 62.8 million in the second quarter of 2019. Revenue of $ 571.88 million (-75.9% y / y) beats $ 285.58 million. The 75.9% decrease in revenue was composed of a 93.9% decrease in passenger revenue, offset by an 18.4% increase in freight revenue and a 60.7% increase in other revenue. Operating margin of -121.5% versus 1.70% yoy. The passenger load factor reached 51.6% compared to 83.3% in the second quarter of 2019, which corresponds to a decrease of 31.7 percentage points.