American Airlines parent posts $471m net loss for 2010

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American Airlines parent company AMR incurred a full-year net loss of $471 million in 2010, an improvement on the $1.5 billion net loss recorded the previous year.

The company's full-year revenues increased by 11.3% to $22.1 billion, while operating expenses rose 4.5% to $21.8 billion.

AMR's full-year operating losses amounted narrowed to $308 million from $1 billion in 2009.

AMR chief executive Gerard Arpey says: "It was a year of major progress, as we have implemented both our domestic cornerstone strategy and our joint transatlantic business with British Airways and Iberia - and we look forward to launching a similar joint business with Japan Airlines across the Pacific in April of this year."

AMR ended the fourth quarter with around $4.9 billion in cash; long-term debt grew from $16.1 billion to $16.6 billion year-over-year.

For the fourth quarter of 2010, AMR posted a net loss of $132 million. Revenue in the three-month period ended 31 December grew 10.3% to $5.6 billion. Total operating expenses were up 1.2% to $5.51 billion.