Business Services Industry
AMR Corp. Posts $495 Million Quarterly Loss.
Knight Ridder/Tribune Business News, July, 2002
By Terry Maxon, The Dallas Morning News Knight Ridder/Tribune Business News
Jul. 18--AMR Corp., parent of American Airlines Inc., has cut its capacity, squeezed its pennies and revamped its operations. The result: It lost $495 million last quarter, AMR disclosed Wednesday.
The problem isn't in its costs, where AMR reduced its operating expenses by nearly $600 million from a year earlier. Instead, the shortage was on the revenue side, down $1.1 billion.
That proves the point of airline executives and industry analysts who say the airline recovery predominantly will have to come from higher fares, although cost cutting is helping.
"The industry has 1995 revenues with 2002 costs," said airline analyst Sam Buttrick of UBS Warburg...
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