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UAL Corporation, which owns United Airlines, has posted a net loss of US$63 million for the third quarter ended September 30, narrowing its net loss by $202 million compared to the third quarter of 2008.
It reported a year-on-year decline in consolidated passenger revenue per available seat mile (PRASM) of 14.7 per cent, while mainline unit cost per available seat mile (CASM) for the quarter was down 1.6 per cent year on year, excluding fuel and certain accounting charges.
A company statement said that it closed the quarter with total cash of US$2.8 billion, comprising unrestricted cash of more than $2.5 billion and restricted cash of $309 million.
It also said it: "Completed financings totalling more than $1.5 billion, including $270 million in the third quarter and nearly $1.3 billion early in the fourth quarter, raising roughly $1 billion in new liquidity. Through these financings, the company also reduced its debt and net capital lease obligations for 2010 by $215 million and for 2011 by $100 million."
As a part of the $1.3 billion in early fourth quarter financings, the company completed a $129 million financing with SkyWest Inc., one of its regional flying partners. The agreement is said to include a contract extension on 40 existing aircraft as well as commitments for a small number of additional aircraft.
"Against a challenging environment, our people are delivering improvements across the business. With the work we have done and the strength of our network, we are poised to see better year-over-year unit revenue performance as economies begin to recover and business travel returns," said Glenn Tilton, UAL Corporation chairman, president and CEO.
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