United Continental posts quarterly US$448 million loss, but sales up 4.9pc
2012 04 30
- Details
NEW YORK-listed United Continental Holdings (UAL) posted a year-on-year first quarter net loss of US$286 million - excluding one-off special charges - drawn on revenues of $8.6 billion, an increase of 4.9 per cent.
The loss excluded $162 million in one-off costs, mostly related the United-Continental merger process. Including that figure, first-quarter net loss stood at $448 million.
"This was a difficult quarter, but we made significant progress with our integration and we're now able to serve customers as a single airline. We can look forward to delivering more benefits from the merger in the remainder of the year," said UAL president and CEO Jeff Smisek.
First quarter consolidated passenger revenue rose 5.5 per cent to $7.5 billion year on year and consolidated passenger revenue per available seat mile (PRASM) increased 5.2 per cent year on year.
During the first three months, consolidated revenue passenger miles (RPMs) and consolidated capacity (available seat miles) both increased 0.3 per cent year on year, resulting in a first-quarter consolidated load factor of 78.1 per cent.
Air cargo and other revenue in the first quarter of 2012 was up 0.8 per cent or $9 million year on year.
But mainline RPMs dropped 0.2 per cent on a mainline capacity increase of 0.2 per cent year on year, resulting in a first-quarter mainline load factor of 78.5 per cent. Mainline yield for the first quarter rose 4.5 per cent year on year and the mainline PRASM grew 4.1 per cent year on year.
UAL's first-quarter consolidated fuel expense increased 20.8 per cent or $557 million year on year.
"Our revenue results were impacted by the integration of our revenue management and booking systems, which included reducing our booking levels so we could better serve our customers during the reservations conversion," said UAL vice president and revenue officer Jim Compton.
United Airlines and United Express operate an average of 5,605 flights a day to 374 airports on six continents from Chicago, Cleveland, Denver, Guam, Houston, Los Angeles, New York/Newark, San Francisco, Tokyo and Washington.
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