General Lee
Well-known member
- Joined
- Aug 24, 2002
- Posts
- 20,442
CHICAGO, March 29 (Reuters) - Delta Air Lines (DALRQ.PK: Quote, Profile , Research), which plans to exit bankruptcy on April 30, said on Thursday it swung to a profit in February on reorganization-related gains but posted a loss on an operating basis.
The No. 3 U.S. carrier reported a net profit of $55 million in February, compared with a loss of $209 million a year earlier. Excluding reorganization items, Delta lost $43 million in February.
The reorganization-related gains resulted from the company updating previous assumptions about its restructuring, Delta spokeswoman Betsy Talton said. She declined to go into further details.
if(!CMSB_ID){var CMSB_ID=""} CMSB_ID+="032507_MIDART_editorschoice,";document.write('');
Delta said it posted a February operating loss of $5 million. Its operating earnings were weighed by $5 million in losses from fuel hedges.
The carrier said it ended February with $3.7 billion in cash, cash equivalents and short-term investments, of which $2.7 billion was unrestricted.
On Tuesday, Delta told investors it expects to be profitable this year on cost reductions and higher revenue.
The carrier entered bankruptcy in September 2005, battered by high costs and low-fare competition.
Its current shares will be canceled as part of its restructuring, and new shares are to be issued on the New York Stock Exchange in early May.
(Additional reporting by Chris Reiter)
Thanks for your spin Lowecur.
Bye Bye--General Lee
The No. 3 U.S. carrier reported a net profit of $55 million in February, compared with a loss of $209 million a year earlier. Excluding reorganization items, Delta lost $43 million in February.
The reorganization-related gains resulted from the company updating previous assumptions about its restructuring, Delta spokeswoman Betsy Talton said. She declined to go into further details.
if(!CMSB_ID){var CMSB_ID=""} CMSB_ID+="032507_MIDART_editorschoice,";document.write('');
Delta said it posted a February operating loss of $5 million. Its operating earnings were weighed by $5 million in losses from fuel hedges.
The carrier said it ended February with $3.7 billion in cash, cash equivalents and short-term investments, of which $2.7 billion was unrestricted.
On Tuesday, Delta told investors it expects to be profitable this year on cost reductions and higher revenue.
The carrier entered bankruptcy in September 2005, battered by high costs and low-fare competition.
Its current shares will be canceled as part of its restructuring, and new shares are to be issued on the New York Stock Exchange in early May.
(Additional reporting by Chris Reiter)
Thanks for your spin Lowecur.
Bye Bye--General Lee