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Delta 2005 losses hit $3.9 billion
Troubled Delta Air Lines, currently in Chapter 11 bankruptcy, has recorded a 2005 fourth quarter net loss of £689 million with full year deficits hitting $3.9 billion.
It compares to a net loss in 2004 of $5.3m.
The fourth quarter results includes $463m in special items and reorganisation.
Delta executive vice president and chief financial officer Edward H Bastian described the losses as “not sustainable.”
“These losses emphasise the need for the urgency in which we have to pursue route network and revenue improvements and the use of the bankruptcy process to reduce the cost and complexity of our business,” he said.
“2006 will be a year for Delta to stabilise our financial situation.”
He said restructuring was already producing improvements although it was being masked by the high cost of fuel.
Fuel costs in the fourth quarter increased $420m over the same period in 2004 will full year costs rising $1,534m.
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