American reports its first quarterly profit since start of pandemic
American Airlines reported a profitable second quarter on Thursday as the slowdown from the Covid-19 pandemic resulted in record revenue despite the impact of higher fuel costs.
The US airline said its first profitable quarter since the start of the pandemic was due to operations rather than government support programs.
Earnings were $476 million compared to just $19 million in the prior year period.
→ US approves American Airlines flights to five cities in Cuba.
Revenue rose about 80% to $13.4 billion, the most in company history. Jet fuel costs were more than double the level of the 2021 period.
From April to June, revenue exceeded that of the pre-pandemic quarter of 2019 by 12%, although capacity was 8.5% lower, AFP reported.
Leisure travel remains above pre-pandemic levels, while American also saw improvements in both business travel and international bookings, CEO Robert Isom said in a letter to employees.
“Ensuring that American can take advantage of the continued recovery has been our collective focus, and the second quarter is evidence that our actions are producing positive results,” Isom said.
“There is no better validation of this than reporting our first quarterly profit since the start of the pandemic.”
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