US Airways Posts Profit With U.S. Aid

A massive government-backed loan US Airways Group Inc. received when it emerged from bankruptcy protection allowed the airline to show a profit of $1.63 billion in the first three months of 2003, masking an operating loss of $282 million.

Profit was $24.02 a share compared with a net loss of $269 million, or $3.97, in the same period a year earlier, the company said. Excluding the bankruptcy-related items, the company’s pretax loss narrowed to $282 million from $435 million. Sales fell 10% to $1.53 billion as the war in Iraq reduced demand and increased fuel costs.

From Bloomberg News and Associated Press