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November 07, 20 - 11:08 am - Reuters

The largest airline in Latin America, Latam reports a $573.1 million loss in the third quarter of 2020

Latam, the largest airline in Latin America, reported a loss of $573.1 million in the third quarter on Friday, still under the impact of the coronavirus pandemic.

The company explained that the group’s total revenue plunged 80.8%, to $512.9 million, between July and September. In contrast, cargo revenue increased by almost 13%.

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“Although we have put a lot of effort into costs, they are not good results. It is not a surprise, given this demand environment,” Vice President of Finance Ramiro Alfonsín told reporters.

In September, the occupancy rate of the company’s aircraft in Brazil exceeded 80% for the first time since the beginning of the pandemic, he said.

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