UAL Corp. posts $93 million net loss in May
UAL Corp., parent company of United Airlines, reported a net loss of $93 million in May, including $36 million of reorganization expenses.
In its monthly report to the U.S. bankruptcy court, UAL reported an operating loss of $21 million in May, compared to a profit of $9 million in the same month last year. UAL said it ended May with a cash balance of $2.6 billion, which includes $866 million in restricted cash.
UAL said fuel expense for the month was $93 million higher than May last year on 1 percent lower capacity.
“Fuel is a brutal challenge for our industry. In the face of this challenge, we continue to improve operations across the company, targeting every area of non-labor cost reduction and revenue generation opportunity,” said Jake Brace, UAL’s executive vice president and chief financial officer.
“We continue to make good progress improving United’s revenue performance. We expect our full second quarter results to be competitive as we realize the benefits of the capacity shift from domestic to international markets,” said John Tague, executive vice president marketing, sales, and revenue at UAL.