American posts record profit
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American Airlines’ parent company, AMR Corp, has recorded the best ever second quarter financial result in the company’s history, as it continues to restructure.
The airline, which filed for bankruptcy protection in late 2011, posted a net profit of US$220 million in the April-June 2013 quarter – US$461m better than the same period last year. Quarterly revenues remained almost unchanged at US$6.45 billion, but reduced fuel and staff costs helped boost the company’s bottom line.
“American delivered its best financial performance for a second quarter, excluding special items, in the company’s history,” said Tom Horton, AMR’s chairman, president & CEO.
“And the momentum is building as we plan for the impending merger with US Airways. I want to thank the American team, 73,000 strong around the world, whose hard work and dedication made this possible. Thanks to them, the new American is taking flight,” he added.
American continued its fleet renewal programme last quarter, taking delivery of nine new Boeing 737-800s and three B777-300ERs, taking its total new aircraft for the year to 24.
American’s passenger traffic climbed 0.8% in the quarter, but passenger load factors dipped 0.3 percentage points to 84.2%.
American expects to close its merger with US Airways in the third quarter of 2013.
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