SANTIAGO, Chile – Shares in Latin America's largest passenger carrier have taken a big hit as LATAM Airlines faces what one analyst calls a "perfect storm" of bad news.
The company announced disappointing earnings, was fined in Canada for price-fixing on cargo shipments and lost big on currency exchange in Brazil. Now it must try to stop Argentina's efforts to favor state-owned Aerolineas Argentinas by evicting it from the downtown Buenos Aires airport.
Shares plunged more than 10 percent this week before recovering 3 percent in mid-day Thursday trading. LATAM stock has lost more than half its value since Chile's LAN merged with Brazil's TAM Airlines a year ago.
EuroAmerica brokerage analyst Jorge Sepulveda told The Associated Press on Thursday that LATAM has lost much of its robust financial position since the merger.