Chile's dominant airline LAN said on Tuesday its net profit rose 36 percent to USD$88.3 million during the first quarter, citing a strong recovery in its passenger and cargo businesses.
LAN said its results were also boosted by comparison with the year ago period because of a USD$57.9 million hedging loss in the first quarter of 2009. LAN lost USD$2.63 million on hedging in the first quarter of 2010.
LAN said, however, that its results had been held back because of the devastating quake on February 27, which shut flights out of Santiago airport and damaged installations.
"The strong recovery in demand experienced during the first months of 2010 was partially offset by the negative impact on LAN's operations of the earthquake that struck Chile on February 27," LAN said in a statement.
LAN said last month it had reached a deal with Boeing to bring forward delivery of 10 new 787 planes to 2011 from 2014.
*Reuters