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LATAM Airlines reports US$963 million loss in fourth quarter

LATAM Airlines reports US$963 million loss in fourth quarter

FILE PHOTO: Passenger planes parked on a runway are seen during a general quarantine amid the spread of the coronavirus disease (COVID-19), at the Arturo Merino Benitez International Airport, in Santiago, Chile May 26, 2020. REUTERS/Ivan Alvarado

SANTIAGO: LATAM Airlines Group, the region's largest airline, on Tuesday (Mar 9) reported a loss of US$962.5 million in the fourth quarter, hurt by a second wave of the pandemic which has hit Latin America particularly hard.

LATAM filed for bankruptcy protection last May and is still going through a court-supervised reorganization in the United States.

Overall in 2020, the airline lost US$4.6 billion, compared with a pre-pandemic profit of US$196 million in 2019.

The airline had US$1.7 billion in cash and cash equivalents at the end of the year, it said, buffered by significant new debt brought on during the bankruptcy process.

Source: Reuters

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