LanChile S.A. (“LanChile” or “the Company”) NYSE: LFL, Chile’s largest domestic and international passenger and air cargo carrier, announced today its consolidated financial results for the second quarter and accumulated first semester period ending June 30, 2000. All figures were prepared in accordance with generally accepted accounting principles in Chile and are expressed in millions of U.S. dollars.
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* Net income amounted to a loss of $2.1 million for the second quarter and an accumulated profit of $23.3 million for the first semester. This represents a 66.8% improvement compared to 1999 for the second quarter, and a 85.0% increase for the first semester, excluding a $12.9 million after-tax, extraordinary, non-operating gain ($14.5 million pre-tax) resulting from the sale of a portion of the Company’s stake in Equant during February 1999.
* On May 19, LanChile announced the successful changeover of its reservation and passenger management systems.
* On June 1, LanChile became an active member of the oneworld global alliance.
* On June 12, LanChile announced two new, daily, non-stop services. In October 2000, the Company plans to initiate daily non-stop service between Santiago and New York. In December 2000, the Company will begin daily non-stop service between Santiago and Madrid.
* On June 12, LanChile also announced that it signed a new code-share alliance with British Airways.
* In a joint survey of 4,000 Chilean business executives which was sponsored by Price Waterhouse Coopers (the international consulting firm) and El Diario Financiero (a Chilean daily business newspaper), LanChile was voted the “Most Admired Company in Chile.”