LAN's cash position drops to $388m in Q1

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LAN Airlines cash position almost halved in the first three months of this year. The company reported $388.5 million in cash and cash equivalents, compared with $737.1 million at the end of last year.

LAN says its current cash position is equivalent to 8% of revenues in last 12 months.

In line with the Company's expansion, during first quarter 2011, the company received a total of three Airbus A319s and six A320s passenger and one Boeing 767-300 freighter. During the remainder of 2011, LAN expects to receive 11 additional A320 family aircraft as well as three Boeing 767-300s.

LAN says that its fleet plan includes the sale of five A318 aircraft this year.

Total net debt reached $3.02 billion at the end of the first quarter, up from $2.52 billion at the end of 2010.

LAN reported a net income of $97.2 million for first quarter 2011, an increase of 10.1% compared to the $88.3 million reported in first quarter 2010.