UPDATE 1-AirTran cuts Q2 capacity, sees revenue slump

* Q2 Unit revenue could fall between 5.5 pct and 7 pct

* Q2 capacity could fall as much as 8 pct

NEW YORK, June 12 (Reuters) - AirTran Holdings Inc (AAI.N) said it expects unit revenue to fall as much as 7 percent in the second quarter and plans to cut capacity, following a trend seen among most other carriers in the industry.

In a securities filing on Friday, the airline also reiterated its expectation to remain profitable for 2009, but said it would dramatically reduce fleet plans.

AirTran said it expects second-quarter unit revenue, or revenue per available seat mile, to decline between 5.5 percent and 7 percent.

AirTran also said it would cut second-quarter capacity between 7.5 percent and 8 percent.

Airlines have been cutting capacity and trimming costs in an effort to offset weak consumer spending and rising fuel costs.

AirTran said fuel expenses constituted about 27 percent of first-quarter operating costs, but said it had improved its 2009 fuel hedge portfolio.

Shares closed down 1.46 percent, or 8 cents, to $5.40 on the New York Stock Exchange. (Reporting by Deepa Seetharaman, editing by Leslie Gevirtz)