Losses widen at Continental Airlines

April 23rd, 2010 - 6:07 am ICT by IANS  

New York, April 23 (DPA) Continental Airlines, the fourth-largest US carrier, Thursday reported bigger-than-expected first-quarter losses as higher jet fuel prices raised operating costs.
Continental CEO Jeff Smisek said he was disappointed with the results, which were impacted by “the weak economy.” In addition, the company’s operations were hampered by paralyzing snow storms this year.

The airline said its losses widened to $146 million from $136 million in the same period last year.

Continental paid $854 million for jet fuel alone, which was its largest expense. The airline’s hub in Newark, New Jersey, had to be closed down during the severe snow storms, and sales were slashed by 25 million dollars.

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