LanChile posts strong 2003 results
LanChile, the Chilean carrier, earned a record $35.2 million in net income during the fourth quarter, more than double the $15.5 million it earned during the same period of 2002. Operating income for the quarter grew 98 percent to $42 million.
LanChile's fourth-quarter cargo revenue grew 20.4 percent to $181.2 million on the strength of a 9.8-percent increase in traffic and a 9.6-percent rise in yields, the airline reported.
The carrier attributed higher yields to increased competition for capacity and an increase in fuel surcharges.
LanChile said cargo operations were aided by improved U.S. exports to Argentina, Brazil and Chile, continued northbound volume and market share gains.
The cargo results were part of a banner overall quarter and year for Santiago-based passenger and cargo carrier. The company said it more than doubled profit in 2003 to $83.6 million from the previous year, marking its 10th consecutive year of profitability. Operating income was $111.7 million, an 80 percent increase compared to 2002.