P.M. BRIEFING : Texas Air Posts $109-Million Loss
Texas Air Corp., parent of strike-crippled Eastern Airlines, reported today a $109.3-million second-quarter loss as revenue fell 34.4%.
Houston-based Texas Air said the loss on $1.4 billion in revenue compared with a $364.9-million loss on revenue of $3.3 billion in the same quarter last year.
The company said that Eastern, which is under Chapter 11 bankruptcy protection, lost $129.3 million on revenue of $89.6 million during the quarter ended June 30, despite a $250-million gain from the sale of its Northeast shuttle to developer Donald Trump.
In the same quarter last year, Miami-based Eastern lost $89.8 million on revenue of $1 billion.
Continental Airlines, Texas Air’s other major subsidiary, posted net income of $32.1 million on revenue of $1.3 billion. That compares with a net loss of $150.9 million in the same quarter last year.
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