LAN improves 2Q profits

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Washington DC
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Chilean operator LAN posted a strong improvement in its second quarter financial performance, growing net income to $60.6 million versus $4.2 million the year prior.

But it is roughly a $28 million decline from the $88.3 million net income LAN recorded during the first quarter of this year.

LAN during the second quarter strengthened its operating income to $112.6 million compared with $35 million for the previous year, which resulted in a 10.9% operating margin. During the second quarter of 2009 LAN recorded a $52.6 million fuel hedging loss.

Revenues for the second quarter were $1 billion versus $785 million for the year prior as LAN's passenger revenues jumped 24.5% and cargo revenues grew by 60.3%.

LAN recently signed a memorandum of understanding with Airbus to acquire 50 A320 family aircraft scheduled for delivery between 2012 and 2016.