LATAM Airlines Group S.A. made a net profit of US$69.2 million in 2016, the first time positive result since 2011, according to financial results released by the company.

Total operating income for 2016 came to US$9.53 billion, a year-on-year decrease of 5.9%.

Cargo revenue, which accounted for 11.7% of the total revenue in 2016, fell 16.5% compared to 2015.

In the fourth quarter, cargo traffic declined by 3.1% and yields fell by 4.8%.

LATAM said that exports to North America were affected by lower salmon production and a decrease in products such as flowers and asparagus. Imports to Brazil improved as a result of the appreciation of the Brazilian real.

The carrier is adjusting freighter capacity and maximizing belly utilization of the passenger fleet, reducing freighter operations by 13.2% in the fourth quarter. Cargo capacity fell by 5.9%, resulting in a load factor of 57.0%, 1.7 percentage points higher than the last three months of 2015.

At the end of 2016, the group had a fleet of eight Boeing 767-300Fs and two 777Fs, as well as 243 narrowbody and 76 widebody passenger aircraft.

Cargo capacity is expected to fall by 10-12% in 2017, according to LATAM.