LATAM problems impact Cueto group

Cueto family investment group, Costa Verde Aeronautica, has attributed its US$414 million loss last year to its investment in LATAM, which posted a loss of US$219 million last year. Juan J. Cueto, President of Costa Verde Aeronautica and CEO of LATAM Airlines, told shareholders in a letter that the group did not “receive dividends from Latam Airlines in 2013, 2014 and 2015, nevertheless CVA addressed all its commitments integrally”. Cueto is optimistic about LATAM’s future, however, citing advances in “the integration of business and rationalization of operations” as a positive step.