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MarketScreener Homepage  >  Equities  >  Santiago Stock Exchange  >  LATAM Airlines Group S.A.    LTM   CL0000000423

LATAM AIRLINES GROUP S.A.

(LTM)
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LATAM Airlines S A : to fire 'at least' 2,700 workers in Brazil

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08/01/2020 | 03:34pm EDT
LATAM airlines logo, is seen inside of the Commodore Arturo Merino Benitez International Airport in Santiago

LATAM Airlines will fire "at least" 2,700 workers in Brazil, including pilots, its Brazilian arm said on Saturday, as the bankrupt carrier struggles to cut costs and cope with an industry collapse due to the COVID-19 pandemic.

In a statement, LATAM Brasil said it opened a voluntary redundancy process on Friday which will run through Aug. 4, after which a further minimum 2,700 jobs will be cut.

The announcement followed the breakdown in talks with the SNA union over workers' pay, the statement said. O Globo and O Estado de S. Paulo newspapers had reported the redundancies earlier on Saturday. LATAM said it pays its pilots and crew more than its rivals in Brazil, and the pandemic has forced it to "match industry practices."

The layoffs are the latest in efforts to downsize Latin America's largest airline. Before the novel coronavirus outbreak, the airline had 43,000 workers worldwide, with most of them in Brazil and Chile. LATAM is seeking to restructure $18 billion in debt. When it filed for U.S. bankruptcy protection in May, it was the world's largest airline to date to seek an emergency reorganization due to the pandemic.

By Marcelo Rochabrun

Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRAZILIAN REAL (EUR/BRL) -0.97% 6.3419 Delayed Quote.42.12%
LATAM AIRLINES GROUP S.A. -3.93% 1330 End-of-day quote.-82.37%
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All news about LATAM AIRLINES GROUP S.A.
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Financials (USD)
Sales 2020 5 164 M - -
Net income 2020 -2 440 M - -
Net Debt 2020 9 526 M - -
P/E ratio 2020 -0,30x
Yield 2020 0,03%
Capitalization 1 060 M 1 060 M -
EV / Sales 2020 2,05x
EV / Sales 2021 1,50x
Nbr of Employees 42 589
Free-Float 43,0%
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Technical analysis trends LATAM AIRLINES GROUP S.A.
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Income Statement Evolution
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Mean consensus UNDERPERFORM
Number of Analysts 4
Average target price 3,57 $
Last Close Price 1,75 $
Spread / Highest target 374%
Spread / Average Target 104%
Spread / Lowest Target -42,2%
EPS Revisions
Managers
NameTitle
Roberto Alvo Milosawlewitsch Chief Executive Officer
Ignacio Cueto Plaza Chairman & President
Hernan Pasman Chief Operating Officer
Ramiro Diego Alfonsín Balza Chief Financial Officer
Enrique Miguel Cueto Plaza Director
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