AMERICAN AIRLINES parent, AMR Corp, has reported a third-quarter net loss of $924m despite a massive cost-cutting campaign. AMR says its fourth-quarter losses were likely to be even worse. It plans to further slash costs by deferring delivery of 34 Boeing aircraft over the next three years. The company said its total operating revenue had increased to $4.94bn in the quarter from $4.82bn a year ago. After the 11 Sept attacks, American slashed 20,000 jobs and cut capacity by about 20%. The carrier announced an additional 7,000 layoffs and a further 9% to 11% capacity cut about three months ago. The airline industry lost more than $7bn in 2001 and is on track to lose a similar amount in 2002.
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