US Airways Posts $567 Million Q2 Net Loss
The US Airways Group has reported that its net loss for the second quarter of 2008 was $567 million or $6.16 per share, compared to a net profit of $263 million or $2.77 per diluted share in the same period of 2007.
Excluding net special items of $466 million, the company has reported a net loss of $101 million or $1.11 per share for the second quarter of 2008. This compares to a net profit excluding special items of $261 million, or $2.74 per diluted share for the second quarter of 2007, which included $2 million of net special items.
The mainline passenger revenue per available seat mile (PRASM) in the second quarter of 2008 was 11.42 cents, up 1.6% over the same period of 2007. Express PRASM was 20.60 cents, down 0.6% over the second quarter of 2007.
Doug Parker, chairman and CEO of US Airways, said: “Our second quarter results reflect the unprecedented rise in fuel prices that are impacting our industry. We are working diligently to reduce capacity and costs and execute on the new revenue programs recently announced by US Airways and other airlines.”