UAL net income more than doubles
From Times Wire Services
UAL Corp. said second-quarter profit more than doubled as refinancing cut interest expenses and its United Airlines increased traffic and spent less on labor and fuel.
Net income climbed to $274 million, or $1.83 a share, from $119 million, or 93 cents, a year earlier, Chicago-based UAL said. Sales rose 2% to a record $5.21 billion.
UAL posted its first profit in three quarters by revamping debt, trimming United’s workforce 3.9% and reducing fuel costs through hedges. United flew fuller planes by shifting capacity from U.S. routes, where demand had been weakening, to international flights, where traffic and fares rose.
Shares of UAL rose $1.99, or 4.2%, to $49.23.
