AMR Posts USD$1.7 Bln First Quarter Loss
American Airlines parent AMR, which is operating under Chapter 11 protection, posted a first quarter loss on Thursday as fuel costs rose and it had expenses tied to its reorganisation.
The company, which sought bankruptcy protection last November, had a net loss of USD$1.7 billion in the first quarter, compared with a loss of USD$436 million a year earlier. Excluding reorganisation and special items, AMR said its loss was USD$248 million in the latest period.
Quarterly revenue rose 9.1 percent to USD$6 billion, aided by higher fares. Passenger revenue per available seat mile gained 10.3 percent on a consolidated basis.
AMR said international results improved, with unit revenue in the Atlantic region up 9.7 percent in the quarter. Latin America had a unit revenue increase of 10.8 percent.
AMR has said since its bankruptcy filing that it needs to trim at least 14,000 jobs, including 1,200 non-union positions, as part of its plan to cut costs.