Continental Airlines swung to a loss, as mounting jet fuel costs offset gains in revenue from passengers and cargo.
Echoing larger rivals American Airlines and Delta Air Lines, which each unveiled quarterly losses of more than $1bn on Wednesday, Continental on Thursday called the current climate “the worst financial environment for US network carriers since the 9/11 terrorist attacks.”
Continental’s second-quarter loss of $3m, or 3 cents a share, compared with net income of $228m, or $2.03, a year earlier. Excluding a tax gain, the company lost $25m, or 25 cents.
Let’s be honest, that’s not too bad. Losses suck, but it seems like Continental is doing a good job weathering the storm so far.