UAL post loss

UAL posts Q1 loss

CHICAGO (AFP) – UAL Corp., parent of bankrupt United Airlines, posted a first-quarter net loss of 459 million dollars, down sharply from the year-ago quarter.

UAL said it lost 4.17 dollars per basic share including 143 million dollars in exceptional items in the January to March period.

That compared to 1.34 billion dollars, or 14.16 dollars per share, in the first three months of 2003 when the SARS crisis and the Iraq war put many people off flying.

The bankrupt airline’s operating loss was 211 million dollars, down from 813 million dollars a year ago, and the company saw a modest three million-dollar operating gain for March.

“The theme of the quarter was improvement,” said Jake Brace, United’s chief financial officer. He said bookings are strong as the carrier moves into the second and third quarters, which typically bring more passengers and stronger profits.

United’s operating revenue grew 17 percent to 3.7 billion dollars in the first quarter, while operating expenses fell 1.4 percent to 3.9 billion dollars.