Delta Air Lines profit slumps on higher expenses
[London] Delta Air Lines Inc's quarterly profit slumped 74 per cent as higher operating expenses did not allow the US airline to take advantage of strong business and leisure travel.
Total operating expenses jumped 16 percent to US$10.34 billion in the third quarter ended Sept 30.
Delta's shares were down 2 per cent at US$31.75 before the bell.
The Atlanta-based airline also booked a US$134 million loss on extinguishment of debt and set aside US$222 million as income tax provision.
Operating revenue increased 6.6 per cent to US$11.18 billion and traffic increased 3.7 per cent.
Net income dropped to US$357 million, or 42 cents per share, from US$1.37 billion, or US$1.59 per share, a year earlier.
Excluding certain one-time items, Delta earned US$1.20 per share. REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
China's largest auto show displays all-electric future, local brands dominate
Toyota hits record annual output, sales on robust demand
Nissan, Mazda roll out new models for China as they aim for comeback
VinFast chief plans to invest US$1 billion more from his fortune in EV maker
XPeng CEO says its software, AI upgrades to enter ‘super fast cycle’
Swedish manufacturer is latest to offer electric pleasure craft in Singapore