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United Airlines reports both profit and loss
United Airlines, the US’s second largest carriers, reported its largest quarterly loss ever of $1.8 billion, but still had operating earnings of $165 million.
The net loss was related to restructuring charges mainly involving aircraft leases. And the earnings profit was viewed in a positive light by the carrier.
Said President Glenn Tilton in a statement:
“United is a fundamentally better company today with sustainable improvements across the business, and solid operational performance. The results we are reporting made it clear that we have done well this quarter in overall cost control, especially given the significant reduction in capacity.”
The losses were generally attributed to higher fuel prices and costs to emerge from bankruptcy.
United officials said the results indicated the company was on target for a plan to exit bankruptcy by early 2006.
United’s operating profit margin of 3.5% outdid that of its closest competitor, No 1 American Airlines, reported USA Today.
For the first time in recent years, fuel eclipsed labor as the airline’s biggest costs, according to CEO Jake Brace.
Report by David Wilkening
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