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Wed July 22, 2009
Delta announces 2Q loss
By Noah Ovshinsky, Michigan Public Radio Network
DETROIT, MI – Michigan's largest air carrier released its second quarter results Wednesday. Delta officials say the airline lost $257 million in the first three months of this year.
Delta's balance sheet was hit hard by fuel-related costs and expenses associated with its merger with Northwest. Excluding those costs, the airline would have made a $191 million net profit.
CEO Richard Anderson says that shows the underlying strength of the airline. Anderson says the company continues to cut capacity, trim costs, and preserve cash. He says the airline is committed to doing whatever it takes to succeed in a weak economy.
"More than any of our competitors, we have shown that Delta will certainly take bold actions such as the acquisition of Northwest, our full joint venture with AFKL, our unique expansion to Africa or our shutdown of the freighter business across the pacific," he said.
Anderson says he doesn't see the economy making a meaningful recovery in 2009. He also says Delta probably won't make a profit this year either.