The Guvnor
10th Sep 2001, 13:10
And this one is (partially) attributable to greedy pilots :D ...
From today's atwonline.com:
[b]American parent warns of huge third-quarter loss
Dateline: Monday September 10, 2001
AMR Corp. warned that its loss for the third quarter ending Sept. 30 will be "considerably larger than its second-quarter loss" owing to the effects of the weak economy, high fuel prices and increased labor costs.
The parent of American Airlines and TWA LLC also said it expects to post a "significant" fourth-quarter loss. AMR lost $105 million or 68¢ per share in the second quarter ended June 30 before special writeoffs that raised the total to $494 million or $3.20 per share.
The company also said it will retire five more 727s a year ahead of schedule. The aircraft previously had been set to leave in 2003 but now will depart in the first quarter of 2002. The latest change means that American will have retired all of its 727s by the end of 2002, 12 months ahead of schedule. As of Aug. 7 it operated 55 727s. As a result of the latest reductions, capacity for the combined American/TWA entity will be flat in 2001 and fall by almost 1.5% in 2002. AMR said that American also has trimmed almost $1.2 billion from its capital budget by passing on certain purchase rights for aircraft that would have been delivered in 2002 and 2003.
From today's atwonline.com:
[b]American parent warns of huge third-quarter loss
Dateline: Monday September 10, 2001
AMR Corp. warned that its loss for the third quarter ending Sept. 30 will be "considerably larger than its second-quarter loss" owing to the effects of the weak economy, high fuel prices and increased labor costs.
The parent of American Airlines and TWA LLC also said it expects to post a "significant" fourth-quarter loss. AMR lost $105 million or 68¢ per share in the second quarter ended June 30 before special writeoffs that raised the total to $494 million or $3.20 per share.
The company also said it will retire five more 727s a year ahead of schedule. The aircraft previously had been set to leave in 2003 but now will depart in the first quarter of 2002. The latest change means that American will have retired all of its 727s by the end of 2002, 12 months ahead of schedule. As of Aug. 7 it operated 55 727s. As a result of the latest reductions, capacity for the combined American/TWA entity will be flat in 2001 and fall by almost 1.5% in 2002. AMR said that American also has trimmed almost $1.2 billion from its capital budget by passing on certain purchase rights for aircraft that would have been delivered in 2002 and 2003.