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            july 23, 2017

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Indiaexportnews.com

AA profits down 66pc but revenue only slips 2.1pc

  02.02.2017    

American Airlines (AA) posted a 66 per cent year-on-year net profit decline in 2016 to US$2.7 billion, drawn on revenues of $40.1 billion, down 2.1 per cent.
But a 1.3 per cent increase in fourth quarter revenues was not enough to offset a disappointing 2016 performance at American Airlines Cargo, which posted a 7.9 per cent year on year decline in revenue to $700 million.
Nonetheless, AA chairman and CEO Doug Parker said: "The American Airlines team continued to produce outstanding results in 2016, and outsiders are taking notice.
"Air Transport World named American as its 2017 Airline of the Year, citing our team's integration work, operational and customer service improvements, and the significant investments we are making in our product. This recognition is entirely due to the great work of our 120,000 team members," Mr Parker said.
AA also reported a fourth quarter 2016 pre-tax profit of $500 million, excluding special charges, and net profit of $289 million, the airline said.
American Airlines and American Eagle offer an average of nearly 6,700 flights per day to nearly 350 destinations in more than 50 countries.
AA has hubs in Charlotte, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York, Philadelphia, Phoenix and Washington, DC.
American announced that cargo vice president Art Torno will retire this April after 38 years with the airline.
This final quarter ended bad streak of seven straight quarterly declines in cargo revenues with a late-year surge in demand and improving freight rates, according to Shipping Gazette.



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