LATAM Airlines Posts $2.5 Billion Profit After Emerging from Bankruptcy

LATAM Airlines reported a fourth-quarter net profit of $2.538 billion, the company said on Thursday, and said that the results reflected all financial renegotiations stemming from its bankruptcy proceedings, Reuters reported. The quarterly profit of South America's leading airline compares to a loss of $2.755 billion during the same three-month period a year earlier. However the company will propose not to pay out dividends and instead use its 2022 profits to offset accumulated losses, it said in a securities filing later on Thursday. "Profits for the year ended December 31, 2022 must be used primarily to absorb such losses," it said. The airline, created by the 2012 merger of Chile's LAN with Brazilian rival TAM, operates units in Chile, Brazil, Colombia and Peru. Revenue for Santiago-based LATAM during the quarter rose about 38% to $2.75 billion from the year-ago period. Last November, LATAM announced the completion of a years-long restructuring process after it declared bankruptcy in 2020. Read more.