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Old 03-19-2005, 01:46 PM   #1  
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Default United 4th Q Loss $819m

Associated Press
United Airlines Posts Wider 4Q Loss
03.18.2005, 08:27 AM

United Airlines said Friday that its loss widened in the fourth quarter to $819 million from $630 million a year ago.

The carrier's parent company, UAL Corp., posted a loss of $741 million for the quarter, compared with a loss of $475 million a year ago.

United Airlines, which has been operating under Chapter 11 bankruptcy protection since December 2002, said its loss from operations for the quarter was $655 million, compared with $231 million a year earlier. Operating revenue rose to $3.89 billion from $3.68 billion.

In its annual report filed with the Securities and Exchange Commission, United Airlines said fourth-quarter 2004 results include a charge of $47 million from adjusting its Mileage Plus liability. The company also recognized a gain from the sale of its investment in Orbitz of $158 million and recorded $226 million in reorganization items during the quarter. The fourth quarter also includes a curtailment charge of $152 million related to the Pension Benefit Guaranty Corporation's move to take over the pension plan for United's active and retired pilots.

In the year-ago quarter, United Airlines had a gain of $78 million from selling its investment Orbitz, a charge for writing down aircraft leased to Air Canada and $294 million in reorganization items.

For the full year, United Airlines posted a narrower loss of $2 billion in 2004, compared with a loss of $3 billion in 2003. The company's loss from operatons was $1.17 billion, compared with $1.61 billion a year ago.

Total operating revenue rose to $16.03 billion from $14.6 billion. Passenger revenue for the airline increased to $12.48 billion from $11.3 billion.

Parent UAL posted a narrower loss of $1.72 billion in 2004, compared with a loss of $2.81 billion a year earlier.
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