LATAM Airlines Group today reported its financial results for the second quarter of 2020, with revenues of US$571.9 million, representing a 75.9% fall year-on-year due to unprecedented reductions in operations following COVID-19-related border closures and travel restrictions. This decrease was partially offset by an 18.4% increase in cargo revenues.
During the quarter (April-June 2020), total operating costs decreased 45.6%, reaching US$1,266.7 million. As a result, the group reported an operating loss of US$694.8 million with net losses of US$890 million.
“These results reflect the profound impact that the crisis has had on the aviation industry and underline the need to transform the group to guarantee its sustainability in the medium term. We will continue working to adapt to this new environment and transform LATAM into a more agile, competitive and efficient company,» said Roberto Alvo, CEO of LATAM Airlines Group.
During the quarter, LATAM Airlines Group’s affiliates in Chile and Brazil operated with limited capacity. Domestic operations were resumed in Ecuador in June and in Peru in July.
As a result of the effects of the pandemic, the group’s total workforce has reduced by approximately 12,600 people from April to date, with its current headcount totaling almost 30,000.
