US Airways posts Q4 loss but full year profit
Tuesday, 29 January 2008：US Airways reported on a mixed year, which saw Q4 recording a loss due to record high fuel prices, but a full year gain due to higher passenger numbers.
US Airways was able to attain a US$427 million net profit, up on the 2006 profit of US$303 million, even though Q4 2007 recorded a loss of US$79 million.
US Airways Group Chairman and CEO Doug Parker stated, "Our 2007 results represent another profitable year since our merger in 2005 and we couldn´t be more proud of our 36,000 employees for their outstanding efforts. To recognize their hard work and dedication, we will celebrate these results by distributing $49 million in profit sharing to our team in early March.
“We were particularly pleased with the performance of our operation in the fourth quarter. Our team did an excellent job of taking care of our customers during the peak holiday season under difficult weather conditions,” said Doug Parker, US Airways Group Chairman and CEO.
“As reported by the Department of Transportation, US Airways was second among the Big Six airlines in on-time performance for the month of November and we believe our December results were even better relative to our peers.
The airline group reported fourth quarter mainline passenger revenue per available seat mile (PRASM) was 10.51 US cents, up 3.9% the same period last year.
Looking forward Mr Parker warns, “As we begin 2008, our industry appears to be headed for another difficult period due to extremely high oil prices and a potentially softening economy.”
“However, US Airways is well prepared for such an environment,” he adds. “We enter 2008 with a team that is doing an excellent job of taking care of our customers and aggressively managing our expenses.”