American Airlines losses narrow in 2010
AMR Corporation, the parent company of American Airlines, has reported a net loss US$471 million for full-year 2010. The result marks an improvement from the US$1.47 billion loss it posted in 2009, following an 11.3% increase in annual revenues, which totalled US$22.2 billion. The airline group’s operating expenses also increased however, rising 4.5% to US$21.9 billion. AMR Corp’s CEO, Gerard Arpey, called 2010 “a year of major progress”, citing the tie-ups with British Airways, Iberia and JAL as milestones for the company.