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Losses Shrink at US Airways
Apr 28, 2010
By Darren Shannon
US Airways more than halved its operating and net losses in the first quarter, compared to the same period last year, despite a sizable jump in its fuel costs, and could have reported an even better performance had it not been for the snow storms that battered the U.S. East Coast during the period.
The $10 million operating loss marks a 60.7% year-on-year decline, while the $45 million net loss is 56.3% less than the $103 million loss reported in the comparable three months of 2009. Revenue at the same time grew 7.9% to a little more than $2.6 billion, buoyed by a surge in both mainline and regional sales, but a 41.2% rise in fuel to $534 million offset these gains.
“We are very pleased with our improvement in financial performance as evidenced by our first quarter results,” said Chairman and CEO Doug Parker during a conference call to discuss the results. “The improvement would have been even more pronounced except for extreme winter storms along the East Coast during the quarter, which impacted US Airways more than many of our competitors,” he added.
Apr 28, 2010
By Darren Shannon
The $10 million operating loss marks a 60.7% year-on-year decline, while the $45 million net loss is 56.3% less than the $103 million loss reported in the comparable three months of 2009. Revenue at the same time grew 7.9% to a little more than $2.6 billion, buoyed by a surge in both mainline and regional sales, but a 41.2% rise in fuel to $534 million offset these gains.
“We are very pleased with our improvement in financial performance as evidenced by our first quarter results,” said Chairman and CEO Doug Parker during a conference call to discuss the results. “The improvement would have been even more pronounced except for extreme winter storms along the East Coast during the quarter, which impacted US Airways more than many of our competitors,” he added.
