EARNINGS : Northwest Air Hit by Fuel Costs
From Times Wire Services
ST. PAUL, Minn. —
Northwest Airlines Inc. reported today that its third-quarter earnings were $91 million, down 32.1% from earnings of $134 million in third-quarter 1989.
Operating revenues for the quarter rose to $2 billion from $1.8 billion.
For the latest nine months, earnings were $111 million, down 53.8% from $240 million in the comparable period of 1989. Operating revenues were $5.4 billion, up from $4.9 billion.
Northwest attributed the earnings decline to increased fuel costs. The airline said its fuel expense rose 30% to $338 million during the quarter.
The airline said it has adopted a number of measures to deal with its soaring fuel bill, including fare increases, flight schedule reduction and deferral of non-essential expenses.
