LAN Airlines Reports $65 Million Quarterly Income

LAN Airlines S.A. has announced its consolidated financial results for the first quarter ended March 31, 2009. All figures were prepared in accordance with International Financial Reporting Standards (IFRS) and are expressed in U.S. dollars.

It reported net income of $65 million for the first quarter 2009. This represents a 34.7 percent decrease compared to net income of $99.6 million in the first quarter 2008. These results were impacted by a $57.9 million fuel hedging loss recognized during the quarter.

LAN’s operating income in the first quarter 2009 reached $118.1 million, a 21 percent decrease compared to operating income of $149.5 million recorded in the first quarter 2008.

Excluding fuel hedging losses, which amounted to $57.9 million during the first quarter of 2009, operating income reached $176 million, an 18.9 percent increase compared to first quarter 2008, with operating margin reaching 19.9 percent.