Pan Am Corp.: The nation’s eighth-largest airline...
From Times Staff and Wire Reports
Pan Am Corp.: The nation’s eighth-largest airline reported a net loss for 1989 of $336.6 million, compared to a $72.7-million loss in 1988. Revenue declined slightly to $3.56 billion. The 1989 results included a gain of $110.5 million from the sale of Pan Am World Services, a contract subsidiary for security and other matters. The 1988 results included an $89.1-million gain from the sale of delivery positions for Airbus jets. The New York-based airline said its revenue was “severely impacted” by declining passenger traffic on its transatlantic routes. The company said higher fuel prices added to its operating expenses.
