United makes first profit in six years
United Airlines returned to the black for the first time in six years by recording a profit in the last quarter.
The US carrier’s parent company UAL produced a net profit of $119 million (64 million) for the three months ending June 30, an improvement of $145 million over the same period last year.
It was the airline’s first net profit in the second quarter since 2000, its first full quarter since emerging from Chapter 11 bankruptcy protection. Passenger revenues for the three months rose by 16%.
Chairman, president and CEO Glenn Tilton said: “Our focus on strenthening the core business is creating momentum within the company and the results e have achieved this quarter are a solid step forward.
“We continue to midentify process efficiencies, which imporve performance and drive down costs, as we simultaneously enhance revenues to increase our margin. Our management team and our employees continue to identify and pursue further opportunities for improvement.”
The airline is to introduce a new international premium cabin next year. It has also selling its London-JFK route authority to Delta Air Lines for a reported sum of up to $21 million.
Report by Phil Davies
Phil Davies
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