Continental reports profit of $343m
Continental Airlines reported a net profit of $343m for 2006, compared with a $68m loss for 2005.
Part of the improvement came from $92m raised from the sale of part of the airline's investment in Copa Airlines as well as net charges of $53m from special items.
Continental said that despite high fuel costs of more than $510m, the improved income for 2006 was a result of “strong revenue growth” which rose by 17.1% and continued cuts in costs.
Larry Kellner, Continental's chairman and ceo, described the results as "solid.""
Virgin America makes "sweeping changes"
Virgin America has made "sweeping changes" to its set up in a renewed effort to acquire an operating licence in the United States.
The prospective carrier was denied a US licence because the American authorities said it was largely a foreign operation and therefore in conflict with rules on ownership of airlines in America.
The changes include a cut from three to two of voting seats for the Virgin Group on Virgin America's eight strong board.
The Virgin Group will also relinquish rights as a minority investor.
Sir Richard Branson