Lan Chile Earned over $48 Million in First Quarter of 2004

Lan Chile Airlines raked in $48.1 million in the first quarter of the ongoing year for a walloping 123 percent increase from the same three-month period of 2003, sources close to the company´s front office informed.

According to a press release issued by the carrier, Lan Chile has posted the best first-quarter numbers in history.

In keeping with the airline´s communiqué, a change in both corporate image and name -now it´s plainly called LAN- played a role in the huge profits reaped by the company between January and March this year.

"The excellent conditions seen in the first quarter of 2004 in the aviation market, coupled with a well-devised operative, marketing and management plan, laid the grounds for LAN to come up with those hefty gains in that period," the press release indicates.

The volume of operations accrued 140 percent to $63.3 million.

The best first-quarter outcomes ever registered by LAN account for a 12.8 percent operative margin (up 6.3 percent) from 2003.

Sales of plane tickets jumped 29.8 percent as a result of a 21.4 percent spike in air traffic and 6.9 percent increase in overall outputs.

On the other hand, cargo invoices climbed 20.9 percent, mostly triggered by an 11.4 percent hike in air traffic and 8.6 percent bigger profits in overall operations.

LAN´s finances are still looking good after funds in the air carrier´s coffers soared from $135 million in the first quarter of 2003 to $257 million in the same period this time around.

Last year, LAN collected $35.2 million worth of earnings for a whopping 123 percent increase from 2002. LAN owns affiliates in Peru, Ecuador and the Dominican Republic.

Chile´s LAN is currently negotiating with American Falcon, an Argentina-based airline, to open a similar affiliate in that country.