The airline, based in Chile and with hubs in Brazil, Colombia, Ecuador and Peru, saw losses of $523.2 million despite operating revenue reaching $2.226 billion, only 6% less than in 2019.

Latam operated 72.6% of its 2019 capacity, “mainly explained by the solidity of domestic markets in Brazil, Colombia and Ecuador”.

Operating expenses increased by 3.5% compared to the same quarter of 2019, driven by a 31.5% increase in fuel year-on-year.

During the period, Latam Group obtained approval of its Reorganization Plan by the US Bankruptcy Court and secured exit financing.

Roberto Alvo, Latam Airlines Group chief executive, said: “We have closed a second quarter with significant progress in our reorganisation process under Chapter 11 and we hope to emerge from it during the last quarter of this year. 

“Although the group has made advances in its operational recovery, we continue to remain cautiously optimistic about the coming months, closely monitoring fuel prices and macro-economic variables, as the industry still finds itself in the midst of a very dynamic environment.”