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SANTIAGO, CHILE: The LATAM Airlines Group has reported cargo revenue of US$424.7 million for the second quarter of 2014 (Q2) – a drop of 12.7 percent over the same period last year.

LATAMCargo revenue for the first six months of 2014 (H1) was US$845.6 million, down 10.7 percent year-on-year. Yield for the period was US$0.39 cents per tone-kilometre, a fall of 8.7 percent.

LATAM cites continued competitive pressures from regional and international cargo carriers for the drop in revenue. The airline says it is continuing to optimise the bellyholds of passenger aircraft and is reducing full freighter capacity with the return of one B767 freighter this year and a second next year. By 2015 it will operate 10 B767s and four B777 freighters.

The airline group reported an HI net loss of US$100.24 million on revenue of US$6.22 billion, a 65 percent improvement over the same period in 2013.

In July, LATAM agreed a deal with Venezuela’s government for the repatriation of a Bolivar (VEF) equivalent of US$147.6 million at a conversation rate that led to a one-time loss of US$56.3 million.

The company says it plans to phase out 39 aircraft over the next two years. During H1, five B737, seven A330 aircraft, two Dash Q-400 aircraft, one A340 aircraft and one B767 freighter were sold or returned to lessors. From August this year capacity on routes from Santiago, Chile to Miami, Punta Cana (Dominican Republic), Cancun, Mexico City, Sao Paulo, Guarulhos (Brazil) and Los Angeles will be progressively replaced with B787 aircraft.

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