US Airways Posts Profit on Government Aid
From Bloomberg News
US Airways Group Inc., which exited bankruptcy in April, had second-quarter net income of $13 million, helped by lower costs and a government payment for some security expenses.
Net income was 25 cents a share, compared with a net loss of $248 million, or $3.64, in the same period last year, the Arlington, Va.-based carrier said. The government aid added $214 million to the latest quarter’s bottom line.
Second-quarter sales fell 6.6% to $1.8 billion.
US Airways, the seventh-largest U.S. carrier, has cut about 6,500 employees since March 2002 and reduced seat and flight capacity 11% from the year-earlier quarter to match lower demand.
