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Thu, Jan 22, 2009

The Bleeding Continues: UAL Posts Big Q4 Loss

Embattled Airline Expects 1,000 More Job Cuts

United Airlines says its attempt to hedge fuel more aggressively in 2008 turned out to be a bad bet. UAL Corporation reports that $370 million in cash losses on fuel contracts and another $566 million non-cash charge to adjust contracts to current market values drove a fourth-quarter loss totalling $1.3 billion dollars.

Ticket sales were reported down 9.6 percent for the quarter.

United now says it will increase the number of planned job cuts by about 1,000, raising the total to 9,000 by the end of this year. But capacity cuts, slated to be chopped 11 percent in 2009, will now be cut only 9.5 percent.

Chief Operating Officer John Tague tells Bloomberg that United has seen demand drop, with customers "...not only traveling less, but buying down from premium cabins to coach cabins. We are seeing double-digit declines in international premium traffic."

UAL stock fell from a high near $12.50 on Tuesday to below $10, but rebounded Thursday to close at $11.45.

FMI: www.united.com

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