Fri, Nov 10, 2006
One-Time Gain Helps Carrier
It turns out Delta Air Lines won't
have to pay as much as previously thought to restructure financing
for many of its planes... and those cost-savings helped the
bankrupt carrier post a $52 million net profit in the third
That's Delta's first net profit since it entered bankruptcy in
September 2005... and compares quite well to last year's loss of
$1.13 billion for the same period. Despite the good news -- and
Delta will take all it can get right now -- that net gain isn't
likely to recur in the future.
The Associated Press reports Delta realized a one-time, $98
million gain in non-cash assets from its recently renegotiated
aircraft financing arrangements.
Excluding items related to its ongoing reorganization, Delta
reports it lost $46 million in the quarter, on revenue that
increased to $4.66 billion. The carrier has $2.8 billion of
unrestricted cash on hand.
One positive quarter does not a successful year make, though.
Through September, Delta has lost $4.22 billion -- up from $2.6
billion for the same time last year.
But the future does look brighter for the nation's number three
airline... as passenger loads remain high, and fuel prices are
going down. The carrier also announced Thursday it would recall
1,000 flight attendants next year.
Delta has announced it expects to exit bankruptcy sometime in
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