Pan Am Loses $138.7 Million

Pan Am Corp. said today that it lost $138.7 million in the first quarter of 1985 because a monthlong strike curtailed operations of its Pan American World Airways. Pan Am’s first-quarter loss was up substantially from a deficit of $70.3 million a year earlier.

Operating revenue fell 22.3%, to $682.9 million from $878.8 million a year earlier, mostly as a result of the March walkout by the Transport Workers Union, which reduced flight schedules to about a third of normal capacity. Pan Am said airline operating capacity in the first quarter was down 25.2% from a year earlier.