United Continental Holdings Inc posted a bigger fourth-quarter loss on Thursday as costs rose and revenue fell, as the company was affected by Hurricane Sandy and the carrier announced 600 job cut.
The world's largest airline by traffic said impacts from superstorm Sandy weighed on the latest quarter, reducing revenue by about $140 million and the bottom line by roughly $85 million.
"While we didn't meet our revenue goals in 2012, we have addressed the integration issues that drove our underperformance," said Jim Compton, UAL's vice chairman and chief revenue officer.
"We're now positioned to capitalize on market opportunities across our network, and to earn back our share of revenue, based on solid operations and great customer service."
For the latest quarter, United Continental reported a loss of $620 million, or $1.87 a share, compared with a year-earlier loss of $138 million, or 42 cents a share. Excluding integration-related expenses, asset write-downs and other items, the adjusted loss was 58 cents, compared with year-earlier adjusted earnings of 30 cents. Revenue decreased 2.5% to $8.7 billion as passenger revenue dropped 3.6% to $7.5 billion.
United Continental has more than 85,000 employees. The company said its officer headcount was reduced by 7 percent in December and starting next month, management and administrative staff would be cut by 6 percent.
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