Fort Worth-based AMR Corp., the parent company of American Airlines, reported a third quarter loss of $359 million.
Revenues dropped more than 20 percent to about $5.1 billion compared with $6.4 billion in the same period last year. The quarterly loss compares to a profit of $31 million that the airline posted in the third quarter of 2008 when it sold American Beacon Advisors for $432 million.
"A difficult revenue environment driven by the weakened global economy continues to overwhelm the benefit of significantly lower fuel prices, but our third quarter accomplishments better position us to address these near-term challenges and be competitive and successful for the long haul," said AMR chief executive Gerard Arpey in a statement.
Even though the carrier cut capacity throughout its flight schedule and cut airfares, passenger traffic dropped 6 percent as business travel continued to be weak. American Airlines said it expects full-year capacity to drop 7.5 percent in 2009 compared to last year.
Read more at Star-Telegram.com