US Airways Posts Loss Despite Sales Increase
From Bloomberg News
US Airways Group Inc., the seventh-largest U.S. airline, had a $177-million first-quarter loss as costs rose and competition on the East Coast reduced fares.
The net loss was $3.28 a share, contrasted with net income of $1.63 billion, or $24.02 a share, a year earlier, when it was able to reduce debt and costs while in Chapter 11 bankruptcy proceedings. Sales rose 11% to $1.7 billion, the Arlington, Va.-based company said.
The results “underscore the need for further changes,” Chief Executive Bruce Lakefield said.
US Airways shares rose 35 cents to $2.74 on Nasdaq.
