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Sat, May 03, 2003

UAL Posts Near-Record Quarterly Loss

This Is Going To Leave A Mark

UAL Corp., the parent organization of United Airlines posted a massive loss for the first quarter, amounting to $1.3 billion. And yet... UAL's stock is soarning on the news, with investors thinking (or perhaps wishing) the worst is now over.

United, still in bankruptcy and surrounded about talk of liquidation, blamed the huge loss on the echoes of the September 11, 2001, terror attacks, the war in Iraq and the SARS scare. UAL also wrote off its $137 million dollar loss resulting from its investment in Air Canada, helping the Canadian airline avoid a hostile take-over.

The Worst Is Over?

In a financial report issued on Friday, UAL looked to the bright side, saying bookings are finally starting to show improvement, and the hard-fought labor concessions should kick in during Q2. "While much work needs to be done, United has made substantial progress putting its house in order," said United CEO Glenn Tilton.

So far, first-quarter losses posted by domestic airlines have topped $3.5 billion. Yet, investors, clearly wanting to believe the worst is over for United and rival American, which posted a $1.04 billion loss for Q1, are buying again. Some carriers saw double-digit gains on Friday. Dan Kasper, an airline consultant for LECG in Cambridge (MA), was quoted by the Associated Press Friday as saying the Q1 results are "modestly encouraging" for United.

"They've still got a severe revenue problem, as do all major airlines. But because of the war and the SARS outbreak, this quarter could have been considerably worse," he said. "United has taken a very, very big step in getting its costs problem under control. Now they need a big uptick on revenue."

FMI: www.ual.com

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