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            september 19, 2019

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United Continental Holdings suffers loss


United Continental Holdings (UAL) has posted a first quarter 2011 net loss of US$136 million, excluding $77 million of special charges relating to the integration of its two operating subsidiaries United Airlines and Continental Airlines that merged last October, according to the Shipping Gazette.
UAL said this represented an improvement of $47 million compared to the pro forma results year on year. The company said the pro forma results consolidate the financial results for Continental for the 2010 first quarter to provide a comparison.
On a GAAP basis, UAL registered a first quarter net loss of $213 million.
First quarter total revenue amounted to $8.2 billion, up 10.8 per cent year on year. Consolidated passenger revenue for the first quarter rose 11.5 per cent to $7.2 billion.
Cargo and other revenue in the first quarter grew by 6.3 per cent, or $60 million, year on year, driven by increased cargo fuel surcharges and growth in ancillary revenue, it said in a statement.
Rising fuel prices were blamed for largely offsetting the improvement in revenue. First quarter consolidated fuel expense, excluding the impact of hedges, grew by 34.5 per cent, or $725 million, year on year.
"[We] are much better positioned to manage through the current high cost fuel environment as a combined carrier than either would have been as standalone carriers," said Jeff Smisek, president and chief executive officer.
First quarter 2011 consolidated passenger revenue per available seat mile (PRASM) rose 9.9 per cent.
Consolidated revenue passenger miles (RPMs) for the first quarter decreased by one per cent while capacity (available seat miles or ASMs) increased 1.4 per cent year on year, resulting in a first quarter consolidated load factor of 78 per cent.
Mainline RPMs in the first quarter decreased one per cent on a mainline capacity increase of 1.5 per cent, resulting in a first quarter mainline load factor of 78.8 per cent. First quarter mainline PRASM increased 10.2 per cent year on year.
"Due to the decline in demand for travel to Japan following the March 11 earthquake and tsunami, first quarter consolidated passenger revenue decreased $30 million." In response, the company reduced transpacific capacity to Japan by 10 per cent in April and 14 per cent in May, compared to the same periods in 2010.
Total consolidated expenses increased $825 million, or 11.2 per cent, of which $725 million was due to higher fuel costs, excluding the impact of fuel hedges. First quarter consolidated expenses, excluding fuel, profit-sharing and special items, increased $187 million, or 3.6 per cent, on 1.4 per cent higher capacity.
The company ended the quarter with $8.9 billion in unrestricted cash, cash equivalents and short-term investments.

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