UAL Posts Net Profit, Plans Capacity Cut
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United Airlines' parent UAL reported a quarterly profit Tuesday after big gains from fuel hedges, but said it would cut its international flying capacity by 7 percent to offset sagging demand.
Second-quarter profit was USD$28 million, or 19 cents per share, compared with a loss of USD$2.74 billion, or USD$21.57 per share, a year earlier.
The airline industry has struggled lately against falling demand as the recession erodes travel budgets. UAL said its international capacity cut would be made in the last four months of 2009.
Excluding non-cash, net mark-to-market hedge gains and accounting charges, UAL posted a second-quarter loss of USD$2.23 per share.
The company said operating revenue fell 25.2 percent to USD$4.02 billion.
UAL ended the quarter with USD$2.8 billion in total cash, of which USD$2.6 billion was unrestricted.
