UAL Corp. posts $30 million net loss in August
UAL Corp., parent company of United Airlines, reported a net loss of $30 million in August, including $82 million of reorganization expenses.
In its monthly report to the U.S. bankruptcy court, UAL reported an operating profit of $80 million, compared to an operating loss of $12 million in the same month last year. UAL said it ended the month with a cash balance of $2.8 billion, which includes $917 million in restricted cash.
UAL said its fuel expense for the month was $125 million higher than the same month last year on 6 percent lower capacity.
“We are currently working to secure the best exit financing on the most favorable terms. With the court’s approval of our exit schedule, United is approaching the end of its restructuring,” said Jake Brace, UAL’s executive vice president and chief financial officer.
