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Lower fuel prices help boost UAL Q3 net profit
BUOYED by cheaper jet fuel, United Airlines (UAL) reported record net earnings of US$1.7 billion for the third-quarter of 2015 despite a decrease in revenue.
Third-quarter net income was US$4.8 billion, including an income tax-related benefit of $3.2 billion. Without that and other one-time items, the airline said it earned $1.7 billion, an increase of 58 per cent from a year earlier.
For the third quarter of 2015, total revenue was $10.3 billion, a decrease of 2.4 per cent year on year. Including special charges, total operating expense was $8.4 billion, a year-on-year decrease of 10.3 per cent. United's spending on fuel plunged 38 per cent, a savings of $1.2 billion.
Brett Hart, who was named acting CEO early last week after Oscar Munoz suffered a heart attack, said the airline was determined to be more reliable and to improve the flying experience.
"I want to thank all of our employees for their hard work, professionalism and contributions to another successful quarter. The United family has had a challenging few weeks, but we have never felt more unified and are committed to making the right investments in our people and providing them the tools they need to deliver excellent service to our customers," said Mr Hart.
"With Oscar Munoz on medical leave, this leadership team and I are working to push forward the agenda we laid out over the past six weeks by focusing on our employees, improving our processes and investing in our systems to further improve our margins."
Third-quarter net income was US$4.8 billion, including an income tax-related benefit of $3.2 billion. Without that and other one-time items, the airline said it earned $1.7 billion, an increase of 58 per cent from a year earlier.
For the third quarter of 2015, total revenue was $10.3 billion, a decrease of 2.4 per cent year on year. Including special charges, total operating expense was $8.4 billion, a year-on-year decrease of 10.3 per cent. United's spending on fuel plunged 38 per cent, a savings of $1.2 billion.
Brett Hart, who was named acting CEO early last week after Oscar Munoz suffered a heart attack, said the airline was determined to be more reliable and to improve the flying experience.
"I want to thank all of our employees for their hard work, professionalism and contributions to another successful quarter. The United family has had a challenging few weeks, but we have never felt more unified and are committed to making the right investments in our people and providing them the tools they need to deliver excellent service to our customers," said Mr Hart.
"With Oscar Munoz on medical leave, this leadership team and I are working to push forward the agenda we laid out over the past six weeks by focusing on our employees, improving our processes and investing in our systems to further improve our margins."
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