Chilean flagship carrier LAN Airlines has posted a 73.7% drop in second-quarter net profit to $15.9 million owing to high fuel prices and because ash from the Puyehue-Cordon Caulle volcano chain in southern Chile grounded many of its flights. Sales were up 28.8% to $1.33 billion, however, versus $1.03 billion in the second quarter 2010. Sales were driven by strong passenger and cargo traffic on the back of strong regional economic growth and robust domestic demand. Operating profit was also curtailed by the purchase of Columbian airline Aires late last year, which produced an $11 million loss.  LAN also paid

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