NEW YORK, July 23 — American Airlines became the latest US carrier to report a hefty second-quarter loss, but said it made progress in reducing cash burn, according to results released today. The company suffered a US$2.1 billion (RM8.9 billion) loss in the quarter ending June 30, compared with...
The company suffered a US$2.1 billion loss in the quarter ending June 30, compared with profits of US$662 million in the year-ago period. — American Airlines/handout pic via Reuters
The company suffered a US$2.1 billion loss in the quarter ending June 30, compared with profits of US$662 million in the year-ago period.“This was one of the most challenging quarters in American’s history,” said Chief Executive Doug Parker. “We have moved swiftly to improve our liquidity, conserve cash and ensure customers are safe when they travel.”
American warned last week that up to 25,000 workers could be laid off beginning October 1. Like other carriers, it is encouraging employees to take early retirement or another voluntary exit in an effort to reduce layoffs.
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