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American Air parent posts profit, aided by cost cuts
July 18, 2013 / 12:17 PM / in 4 years

American Air parent posts profit, aided by cost cuts

(Reuters) - American Airlines parent AMR Corp AAMRQ.PK, which plans to merge with US Airways Group Inc LCC.N and form the world’s biggest carrier later this year, reported a second-quarter profit, buoyed by cost-cutting under its Chapter 11 restructuring.

The carrier said its net income for the quarter was $220 million, or 59 cents a share, compared with a loss of $241 million, or 72 cents a share, a year earlier.

Excluding special items and reorganization costs, profit was $357 million in the latest period, the company said.

Quarterly revenue was flat at about $6.45 billion.

Operating expenses fell nearly 6 percent, with costs tied to wages and salaries down 18 percent.

Reporting by Karen Jacobs in Atlanta; Editing by Gerald E. McCormick Editing by Nick Zieminski

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