LATAM Airlines reports fourth quarter results

LATAM Airlines Group has reported net income of US$8.5 million for fourth quarter 2012, excluding US$21.9 million of transaction-related expenses resulting from the business combination between LAN and TAM as well as US$52.7 million in aircraft sale and redelivery costs. Excluding these special items, operating income reached US$ 119.3 million in fourth quarter 2012, resulting in a 3.4% operating margin. TAM has made significant progress in the turnaround of the domestic Brazil passenger operations, maintaining capacity discipline with a 4.2% reduction in ASKs during the fourth quarter 2012 as compared to the fourth quarter 2011. Healthy traffic growth of 11.9%,