12 December 2022, etc.venues Monument, London
Business Travel Show Europe, presented by The BTN
21 November, London Hilton Metropole
Result worse than 2008 figures
AMR, the parent company of American Airlines (AA), reported a net loss of $375m for the first quarter.
The airline, the second biggest in the US, blamed a drop in demand, revenue and fares for a figure 10.1% worse than the $341m loss in the same period in 2008.
During the first three months of the year, AA said its operating revenue dropped 15.1% to $4.84bn.
The carrier said while its operating costs for the quarter fell by 14.5% to $5.03bn, compared with last year, its operating loss grew from $187m in 2008 to $194m this year.
In the 12 months, AA's traffic had dropped by 12 while its capacity has been cut by 8%. The load factor was down by 3.5% to 75.7%.
Gerard Arpey, AMR chairman and ceo, said: "While lower fuel prices have provided a significant buffer against falling demand in 2009, the struggling economy and capital markets remain significant challenges for American and the rest of the industry."
AA said it had $100m through a loan secured against aircraft and was cutting non-aircraft capital spending by $100m more than it had planned.
This would help reduce debt and improve liquidity but Mr Arpey said the 2009 outlook remained "challenging."
Mr Arpey said he was confident that the application by oneworld members AA, BA and Iberia to the US Department of Transportation for anti-trust immunity would be approved later this year.
Anti-trust immunity will enable the three carriers to co-operate more closely on transatlantic routes.