Thu, Jan 22, 2009
Embattled Airline Expects 1,000 More Job Cuts
United Airlines says its attempt to hedge fuel more aggressively
in 2008 turned out to be a bad bet. UAL Corporation reports that
$370 million in cash losses on fuel contracts and another $566
million non-cash charge to adjust contracts to current market
values drove a fourth-quarter loss totalling $1.3 billion
Ticket sales were reported down 9.6 percent for the quarter.
United now says it will increase the number of planned job cuts
by about 1,000, raising the total to 9,000 by the end of this year.
But capacity cuts, slated to be chopped 11 percent in 2009, will
now be cut only 9.5 percent.
Chief Operating Officer John Tague tells Bloomberg that United
has seen demand drop, with customers "...not only traveling less,
but buying down from premium cabins to coach cabins. We are seeing
double-digit declines in international premium traffic."
UAL stock fell from a high near $12.50 on Tuesday to below $10,
but rebounded Thursday to close at $11.45.
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