UPDATE 1-Chile LAN Q1 net down 21.8 pct yr/yr to $76.07 mln

SANTIAGO, May 11 (Reuters) - Chile's LAN Airlines said on Friday its first quarter net profit plunged 21.8 percent on the year to $76.07 million, citing rising fuel prices, costs related to development of its business in Colombia and a more challenging cargo scenario. First-quarter earnings came in slightly above the median forecasts of analysts polled by Reuters, who expected a 22.3 percent fall from a year earlier to $75.5 million. The Chilean carrier is poised to complete its ta