Continental Airlines posts first quarter loss

Continental Airlines, which operates
services between Newark and Grand Cayman, has posted a net loss of $146 million
for the first quarter of 2010.

When the figures for severance and
aircraft-related special charges are deducted, the net loss is $136 million, or
98 cents diluted loss per share.

The total revenue for the first
quarter of 2010 was $3.2 billion, an increase of 7 per cent compared to the
same period in 2009. Year-on-year passenger revenue for the same period rose
7.1 per cent. Higher average fares and increased traffic led the upsurge.

Passenger revenue miles were up by
5.7 per cent whilst capacity stayed the same as 2009. The load factor –
percentage of available capacity filled with passengers – was a first quarter
record of 79.5 per cent.

The storms that beset the northeast
of America led to two separate suspensions of operations in February.
Continental estimated that this reduced revenue by $25 million.

Continental, the world’s fifth
largest airline, serves 137 international destinations and 132 across the
States. It is a member of the Star Alliance, which has 26 member airlinesm
explained Continental Airlines President, Chairman and CEO Jeff Smisek.

“My co-workers did an excellent job
under difficult circumstances this quarter and I appreciate their efforts.

 “I’m disappointed with our first quarter results,
which were impacted by the weak economy and the challenges we experienced with
weather related closures of our Newark Liberty hub.  However, the
year-over-year increase in our revenue reflects the slowly improving global
economy and benefits from our membership in Star Alliance,” said Mr.
Smisek.

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Continental Airlines has posted a net loss.
Photo: File
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