Delta Air Lines Posts 3rd Quarter Profit

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Nov10

November 10, 2006

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Delta Air Lines said that they posted a $52 million dollar profit for the 3rd quarter after a one-time gain due to a decrease in previously estimated pre-bankruptcy claims for restructuring of aircraft financing deals. The carrier which is currently restructuring under bankruptcy protection said their net profit in the third quarter included a $98 million non-cash gain from reorganization items, which primarily related to the aircraft financing arrangements issue. It was the airline's first profit since it entered bankruptcy in 2005.

Ed Bastian the Chief financial officer for the airline said, "We're encouraged. We won't be happy until we're out of bankruptcy and have a secure future."

The airline has been in the process of cutting costs and expanding their international presence after entering bankruptcy protection last year. Most expect the airline to emerge sometime in mid 2007.

AP via Topix.net

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