Fri, Feb 16, 2007
Welcome To Airline Math 101, Please Take Out Your Abacuses
There may be light at the end of the bankruptcy tunnel for Delta
Air Lines... but there's also a lot of red. The Atlanta, GA-based
carrier announced this week its fourth quarter loss increased to
almost $2 billion, due to its continued reorganization efforts.
Conversely, the airline also said it posted its first operating
profit in six years.
CBS Marketwatch reports Delta's quarterly loss increased to
greater than $1.98 billion, up from its previous loss of $1.24
billion. That includes $1.8 billion in charges related to
reorganization, though -- and Delta notes without those charges,
the carrier would have lost "only" $179 million.
Yeah, that's still a lot of money... but it's better than the
airline's previous loss, excluding charges, of $782 million.
Furthermore, Delta notes, its yearly operations actually
recorded a positive income of $58 million -- the airline's first
such operating profit since 2000, and a sign of momentum as Delta
works to exit bankruptcy this spring.
"A full year operating profit, and the magnitude of the progress
it represents, marks a major milestone for Delta," said Delta CEO
Gerald Grinstein. "With court approval of the company's disclosure
statement earlier this month, there is great momentum building
towards a successful emergence from Chapter 11 this spring as a
strong, healthy and independent global competitor."
A final court hearing on Delta's reorganization plan is
scheduled for April 25.
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