Thomas L. Gallagher | Oct 22, 2009 8:24AM EDT
UAL Corporation, the holding company whose primary subsidiary is United Airlines, reduced net losses 92.8 percent to $57 million, compared with a loss of $792 million in third quarter 2008.
Operating revenue fell 20 per cent to $4.4 billion, but the airline cut expenses 28 percent to $4.3 billion as fuel costs fell by more than half.
Cargo revenue for the quarter decreased 43 percent year-over-year to $125 million as a result of lower volume and continued pressure on yields due to the weak economy, the company said. Pacific exports, which make up a large portion of United’s cargo business, have been hit particularly hard by the global recession.
Contact Thomas L. Gallagher at tgallagher@joc.com.