Delta reports $300 million net loss in January

Delta reports $300 million net loss in January    Delta Airlines posted a net loss of $300 million for January in its monthly operating report to the U.S. Bankruptcy Court for the Southern District of New York. The results included $87 million in reorganization items.
   The airline’s net loss in January 2005 was $314 million.
   Delta’s operating loss for January was $147 million, a $77 million improvement compared to January 2005. The company ended January with $2.1 billion of unrestricted cash.
   Delta said it instituted in February a fuel hedging program, hedging approximately 26 percent of its planned consumption for the month at $1.75 average price per gallon.
   “While Delta continued to post significant losses in January, the company is making progress in stabilizing our liquidity and implementing our business plan,” said Edward H. Bastian, Delta’s executive vice president and chief financial officer. “Our ability to enter successfully into fuel hedging contracts with sophisticated counter-parties in February is another indication of the progress we are making in our ongoing efforts to strengthen our financial performance.”