The Chilean airline LAN Airlines (NYSE: LFL) has begun a process of revising the planned investments for 2009 as they are expecting a difficult environment for the coming year. Air traffic is expected to slow during 2009, a spokesperson told ENADE. Although the company has financial strength to handle the expected turbulence, the company will be reconsidering some of its planned expansions for next year.
LAN has operations in Argentina, Chile, Ecuador and Peru, and is one of the largest airlines in the region.
'We are awaiting forecasts for next year, but are naturally going to reconsider investments that aren't strictly necessary,' Vice President Enrique Cueto told ENADE.
LAN's shares closed Thursday down (-0.25%) to Ch$5.700, and are trading at a P/E of 11.69, and a YTD performance of (-16.35%). For the quarter ended September 30, LAN reported total revenues of Ch$1.072 billion (US$1.595 million), and a net result of Ch$47 billion (US$70.46 million). There are 338 million shares in circulation.
The ADR ratio is 1:1.
The company's latest interim statements can be found in our download section.