LAN’s 2011 outlook bright despite losses at Aires and delay in TAM merger to 2012

LAN remains optimistic it can continue posting double-digit profit margins throughout 2011 despite rising fuel costs, losses at its new Colombian operation and delays in proceeding with its proposed merger with TAM. The merger transaction, which would bring together Latin America’s two largest airline groups, is now not likely to be completed until early 2012.

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This report contains the following subheadings:

• Slowing capacity growth

This report contains the following charts and tables:

• LAN passenger capacity breakdown, 1Q2011 vs. 1Q2010
• LAN’s fleet plan, 2010-2016
• Timeline for establishing LATAM Airlines Group