UPDATE 1-Chile’s airline LAN Q3 net profit more than doubles

* Passenger and cargo business boosts Q3 profit

* Cargo revenue rose 49 pct

(Adds explanation, cargo revenue, background)

SANTIAGO, Oct 26 (BestGrowthStock) – Chile’s dominant airline LAN
(LAN.SN: ) (LFL.N: ) said on Tuesday its third quarter net profit more
than doubled from a year ago to $106.2 million on the strength of
its passenger and cargo business.

LAN, one of the region’s top carriers, has seen passenger
and cargo traffic surge this year as the region bounces back
from the global financial crisis, accumulating a net profit of
$255.1 million from January to September.

Increases in third quarter passenger traffic was due largely
to new regional and long-distance routes, including flights from
Santiago to Paris and Lima to Brasilia, LAN said.

Cargo revenue grew 49 percent in the quarter, boosted by the
operations of partner ABSA in Brazil’s domestic market.

In August, the carrier announced a merger agreement with
Brazil’s TAM (TAMM4.SA: ) (TAM.N: ) to form Latin America’s top
airline in a region that has seen air traffic rise even as the
global economy lags.

LAN added five new planes in the third quarter, including the
company’s 100th aircraft.
(Reporting by Brad Haynes; Editing by Phil Berlowitz)

UPDATE 1-Chile’s airline LAN Q3 net profit more than doubles