US Airways on Thursday reported a second-quarter net profit, reversing a year-ago loss and beating expectations on lower fuel costs, but said it is not counting on a quick rebound in travel demand.

The company said its second-quarter net profit amounted to USD$58 million, or 42 cents per share, compared with a loss of USD$568 million, or USD$6.17 per share, a year ago.

The company reported a realized fuel hedging loss of USD$135 million.

"Looking forward to the second half of 2009, the revenue environment continues to be difficult to forecast," chief executive Doug Parker said in a statement.

"We have seen an encouraging though modest improvement in revenues over the past several weeks," he said. "But we are not counting on a quick recovery."

The airline industry has been battered by a steep decline in business travel demand as companies slog through the economic recession.

The carrier said its revenue fell 18.4 percent to USD$2.66 billion. The company ended the quarter with USD$2.3 billion in cash and investments.