Northwest Airlines Q1 loss narrows; expects to complete restructuring in June |
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Mon, 30 Apr 2007 20:00
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LONDON (Thomson Financial) - Northwest Airlines Corp reported a dramatically reduced first-quarter loss as it said it expects to complete its restructuring in June.The airline said its net loss for the three months to March 31 was 292 mln usd, or 3.34 usd per share, compared with a loss of 1.1 bln usd, or 12.65 usd per share the same time last year.President and chief executive Doug Steenland said Northwest, which has been under Chapter 11 bankruptcy protection since September 2005, expects to complete its restructuring in June.Operating revenues declined 0.6 pct to 2.87 bln usd in the quarter, while system passenger revenue increased 7.5 pct to 2.2 bln usd as available seat miles rose 4.7 pct, resulting in a 2.7 pct improvement in unit revenue.Operating expenses in the quarter decreased 8.0 pct year-on-year to 2.67 bln usd.Neal Cohen, executive vice-president and chief financial officer said: 'While we are optimistic as we look forward, we are seeing some softening in domestic revenue and we remain concerned about the impact of fuel price increases.'tf.TFN-Europe_newsdesk@thomson.comwjCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Northwest says FAA certifies Compass 