2nd-Quarter Net Falls 26% at American Air Parent
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AMR Corp., the parent of American Airlines, said second-quarter earnings declined by more than 26% to $128.2 million from $173.9 million last year.
AMR officials attributed the slippage to intense pricing competition.
Operating revenue decreased more than 10% to $1.52 billion from $1.68 billion for the same three months last year.
This year’s earnings included a $56.9-million pretax gain from the sale of subsidiaries, while last year’s results benefited from a strike at a major competitor, United Airlines, officials said.
“Our second-quarter earnings continue to reflect the effects of the very intense price competition in our industry,” said Robert L. Crandall, AMR chairman and president.
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