United Continental Holdings Reports $653 Million Net Profit for Q3

October 28 00:00 2011

New York, October 28 (RainbowNewsLine.com) – United Continental Holdings reported a net income of $653 million for Q3 ending Sept. 30. United Continental Holdings is an amalgamation of Chicago-based United and Houston’s Continental Airlines. Although the merger took place in October 2010, the Federal Aviation Administration has not yet granted the carrier its single operating certificate and as such they continue to operate as separate units till the certificate is granted. The certificate is expected later this year.

The quarterly profit includes special charges of $120 million related to merger integration costs. The combined profit for the two airlines on a pro-forma basis would have amounted to $ 852 million for the same period last year. The fuel bill of United Continental increased by $1 billion which is a 41.3 percent hike compared to the same period last year. Revenue increased to $10.2 billion, up 8.7 percent on a pro forma basis compared to the same three months last year.

Jeff Smisek, president and chief executive officer, said in a statement, “Our solid financial performance in the third quarter was due to the hard work and focus of my co-workers. Our merger integration is going well as we approach two significant milestones: our single operating certificate, which we expect to achieve by the end of this year, and our single passenger service system, which we expect to implement by the end of the first quarter of next year.”