Lan Profits Steady

Chilean airline group Lan reported $46 million in first quarter net profits, down only slightly from $48 million in the March 2004 quarter. The company said increased oil prices added $37 million to its fuel bill, cutting into profits. Operating revenues were up almost a quarter at $608 million and operating expenses rose nearly 30% to $551 million. Lan expects its latest venture, Lan Argentina, to begin flights in the second quarter.