United and US Airways post hefty Q3 losses
United Airlines’ parent company incurred third quarter losses of $274 million while US Airways lost $239 million in the same period.
United warned that it will have to make further job cuts as record fuel prices continue to hit the airline’s finances.
The company said it will have “no choice” but to seek significant further labour cuts from its 62,000-strong workforce.
Meanwhile, US Airways’ pre-tax third quarter loss of $239 million compared with a deficit of $91 million for the same period last year.
US Airways, which carrying out a cost saving “transformation plan”, revealed that multiple hurricanes in the US had cost the company $20 million alone in the three month period. This was compounded by a computer glitch in August which caused flight delays and cancellations.
Marketing and planning vice-president Ben Baldanza said: “We long have recognised that the paradigm has shifted and that for us to prosper, we would need to adapt to the changing marketplace realities. To that extent we are ahead of the other legacy carriers that are still in the early phases of transformation.”
Report by Phil Davies
Phil Davies
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