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 third quarter and nine-month period ended September 30, 2000. All figures were prepared in accordance with generally accepted accounting principles in Chile and are expressed in millions of U.S. dollars.
H I G H L I G H T S
* Net income amounted to $5.9 million for the third quarter and $29.2 million for the nine-month period ended September 30th. As compared to the year before, net income increased 68.5% for the third quarter and 81.4% for the nine-month period excluding a $12.9 million after-tax, extraordinary, non-operating gain ($14.5 million pre-tax) from the sale of a portion of the Company`s stake in Equant during February 1999.
* On August 25, LanChile took delivery of a third Boeing 767-300 freighter to be primarily used for the North-South America route. The new Boeing 767 freighter fleet, which has been operating at 17-hour daily utilization rates, has significantly increased the efficiency of the Company`s dedicated freighter operations.
* On September 5 at an Extraordinary Shareholder`s Meeting, LanChile`s shareholders approved a capital increase for a maximum of $120 million.
* On September 29 and October 21, the Company took delivery of its first Airbus A340-300 and Airbus A320-200 aircraft, respectively. The arrival of the new Airbus aircraft marks the start of the Company`s $1.5 billion re-fleeting program, which involves both its short and long-haul passenger fleets.
* On October 6, the Company began its daily non-stop service between Santiago and New York JFK International Airport.
* On October 18, the Company expanded its code-share agreement with American Airlines.
* On October 20, the Company launched its new website, www.lanchile.com, which will significantly improve the Company`s service to its customers across the globe.