LATAM Airlines posted a $769.6 million loss in the second quarter, the company said on Monday, as South America’s largest carrier continued to navigate a bankruptcy brought on by the coronavirus pandemic.Total revenues in the second quarter of 2021 hit $888.7 million, down 62.5% from 2019, the year prior to the pandemic, the company said.
“This decline ... was explained by a 77.4% decrease in passenger revenues and a drop of 22.4% in other revenues, but partially offset by cargo operations,” the company said in a statement accompanying its second-quarter results.
LATAM filed for bankruptcy protection in the United States in May 2020, a process that is still ongoing. At the time, it was the world’s largest airline to take such action because of COVID-19.
The company said costs related to the restructuring, including lease renegotiations, had contributed to the loss.
LATAM’s operating expenses also fell 46.5% from the same period in 2019, as operations remained well below pre-pandemic levels, the results showed, reducing fuel costs, wages and benefits.