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American Airlines reduces Q2 losses
American Airlines parent company AMR Corporation has reduced its losses for the second quarter of the year.
In total, it reported a net loss of $75milion. However without a $358million emergency cash payment from the US government the loss was a much larger $357million compared with $495million in the April to June quarter last year.
AMR chief executive and president Gerard Arpey said that the improvement was partly due to the “sacrifice of our employee groups.” American was recently embroiled in a bitter row which brought the airline to the brink of bankruptcy after it was revealed that staff had agreed wage cuts while huge management bonuses remained in place. The dispute eventually led to the resignation of former boss Don Carty in April.
Mr Arpey warned: “While we’re encouraged, we must keep in mind that we’re operating in peak summer season right now, and the winter months will be more challenging. We have a lot of work to do before we’re able to achieve sustained profitability at acceptable levels.”
See our previous stories:
25 Apr 2003American Airlines boss ousted
24 Apr 2003American Airlines on brink of bankruptcy
The airline confirmed that it is reducing its fleet by a further 57 aircraft by summer 2004. It already has 57 fewer aircraft in service than at this time last year. American Airlines also said it would be shrinking its St Louis hub in favour of Chicago and Dallas/Fort Worth.
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