US Airways' Third-Quarter Loss Widens on Merger, Fuel Costs
Posted on: Thursday, 10 November 2005, 09:00 CST
US Airways' third-quarter loss widens on merger, fuel costs
WASHINGTON, Nov. 9 (Xinhua) -- US Airways Group Inc. announced Wednesday that its loss surged in the third quarter because of merger-related expenses and fuel costs.
The loss of the nation's seventh-largest carrier increased to 87 million dollars, or 5.04 dollars per share, in the third quarter from 29 million dollars, or 1.92 dollars per share, in the same period last year.
Excluding special items, however, the loss would have been 23 million dollars, or 1.33 dollars per share, lower than the quarterly deficit of 1.85 dollars per share that analysts had estimated.
During the July-September period, US Airways' revenue totaled 926 million dollars, showing a rise of 36 percent from 679 million dollars in the previous year. Its operating costs surged 45 percent, driven by merger expenses and a sharp increase in fuel costs.
On Sept. 27, US Airways formally emerged from bankruptcy protection for the second time and closed its merger with low-cost carrier America West Airlines, creating the fifth largest US airline.
America West Airlines' loss also widened to 71 million dollars in the third quarter from 28 million dollars last quarter. Its operating revenue advanced 25 percent to 846 million dollars.
The merged group operates under the US Airways name, with headquarters in Tempe, Arizona. Doug Parker, previous head of America West Airlines, is the chairman and chief executive of the merged company. But America West Airlines and US Airways will maintain separate operating certificates for the next two to three years.
US Airways filed for bankruptcy protection for the second time in September 2004. Its first filing took place in August 2002 after a proposed merger with UAL Corp.'s United Airlines was rejected by federal regulators.
Source: Xinhua News Agency - CEIS
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