US-based Continental Airlines, the world’s fifth largest airline, reported a second quarter 2009 net loss of $213 million and the shedding of 1,700 management and clerical positions across the company.
July 21: US-based Continental Airlines, the world’s fifth largest airline, reported a second quarter 2009 net loss of $213 million and the shedding of 1,700 management and clerical positions across the company.
A big decline in business travellers was cited as one of the main reasons for the losses, together with the impact of the H1N1 virus reducing demand. The job losses are in addition to the previously-announced elimination of 500 reservation agent positions.
Larry Kellner, Chairman and Chief Executive Officer, said: “While the decline appears to be bottoming out, it is doing so at low levels and we must take aggressive steps to increase revenue and reduce costs. The most difficult changes will be the employee reductions that we are forced to make throughout the company.”
Fleet changes will see the airline take delivery of seven Boeing 737 aircraft in the second half of 2009, with 29 Boeing 737-300 and 737-500 aircraft removed from service by January 2010.
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