US carrier announces leap in earnings
Continental Airlines has announced a $482 million jump in second quarter earnings, heralding what could be the start of a recovery for the world’s major airlines.
The US carrier made a net income of $233 million, excluding $24 million of costs relating to its planned merger with United Airlines later this year.
Operating income for the second quarter was $328 million, up $482 million on the same period last year when the airline was in the doldrums.
Passenger revenue was up across the airline’s entire network, but the greatest growth was on Pacific routes where revenue was up almost 40 per cent year on year.
The airline saw the greatest growth in yields on transatlantic routes, where it achieved a 25.7 per cent increase and a 23 per cent rise in passenger revenue to $710 million.
“These results represent another quarter of strong operational performance and cost control by the entire Continental team,” said executive vice president and chief financial officer Zane Rowe.
“While there is still a lot of work ahead in order to sustain profitability, we are pleased with this quarter’s results.”
Continental plans to complete its merger with United Airlines, subject to gaining approval from the US and European Unio regulatory authorities, by the end of this year.
By Linsey McNeill
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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