Delta Air Lines, citing industry price cutting,...

Delta Air Lines, citing industry price cutting, reported that its fiscal first-quarter profits skidded 51% from a year earlier on flat revenue. Continued price cutting eroded Delta’s yield, or average fare, by 7% in the latest quarter, said Robert Oppenlander, the carrier’s vice chairman and chief financial officer. “The lower yield reflects a continuation of the deep discount fares implemented earlier in the year and new discount fares initiated by other carriers in some of Delta’s major markets in the September quarter,” Oppenlander added.