AMR Corp., the parent of American Airlines, has reported a second quarter loss of $241 million. The bankrupt airline has been hit by reorganisation costs, legal and consultants’ fees that added up to $230 million for the quarter.
Officials said that without those costs, the company would have earned $95 million, its first operating profit for the early-summer quarter since 2007.
“Our revenue performance has topped the industry for several months, leading to our first second quarter profit in five years, excluding reorganization and special items,” said AMR Chairman and CEO Tom Horton. “And this improvement reflects only a fraction of our ongoing restructuring progress. While there is still much to be done, we expect this momentum to build quickly as the new American re-emerges as an industry leader.”
American’s expenses were up slightly by 1.9% to $6.3 billion, while its fuel costs were $2.2 billion, up 0.3 percent compared with last year’s second quarter.
Consolidated passenger revenue per available seat mile for American Airlines and American Eagle Airlines grew by 9.1%, with American’s passenger unit revenue up 8.7%. Consolidated passenger yield was up 7.1%, while American’s passenger yield increased 6.8%.
AMR reports Q2 loss
