A $57.9 million loss on its fuel hedges was the key driver in a 34.7% year-over-year drop in LAN Airlines' first-quarter profit, a $65 million surplus that compared to the $99.6 million reported in the first three months of 2008. First-quarter operating revenue dropped 14.5% year-over-year to $882.2 million against a 13.4% decline in costs to $764.1 million. Operating profit fell 21% to $118.1 million from $149.5 million in the year-ago quarter. LAN credited its "flexible business model and ...

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