Based in Chile, LAN Airlines flies passengers in that country, Argentina, Peru and Ecuador. Freight operations, which include a trucking hub in Miami, account for more than 30% of revenue. Investors used to money-losing U.S. airlines take note: This isn’t your average airline. ROE was almost 50% in 2006, compared with the airline group average of 40% and operating margin in the fourth quarter of 2007 was a very healthy 13%. (Full disclosure: I own shares of Lan Airlines in my personal portfolio.)
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