Bankrupt US Airways Posts $236M Loss

Bankrupt US Airways Group (search) reported on Monday a wider net loss for the fourth-quarter at $236 million, or $4.30 per share, citing high fuel costs and tougher competition.

The No. 7 domestic airline's loss for the comparable period a year ago was $98 million, or $1.82 per share.

The airline loss $611 million for the year in 2004, which is in line with what company officials have said in bankruptcy court proceedings in recent months.

Despite the big quarterly loss, the airline said it had overcome "insurmountable obstacles" in obtaining $1 billion in voluntary concessions from its workers and was "better positioned" to "compete aggressively."

The airline spent $322 million on fuel in the quarter compared with $205 million in the fourth quarter of 2003. Most big airlines have spent record amounts on fuel. US Airways spent just over $1 billion for fuel in 2004.

Total operating revenues at US Airways were $1.47 billion for the quarter, compared with $1.58 billion a year ago.

System passenger revenue per available seat mile for the fourth quarter was 9.6 cents, down 10.9 percent compared to the same period a year ago.

US Airways hopes to emerge from bankruptcy protection by June 30. It has until March 31 to submit a restructuring plan to the bankruptcy court (search), but plans to do so within the next few weeks.

US Airways shares were unchanged at $1.12 on the over-the-counter bulletin board (search).