Pinnacle posts $5.8m net loss in August

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Memphis-based Pinnacle Airlines posted a nearly $5.8 million net loss in August, says new regulatory filings.

The regional carrier reported a $2.3 million operating loss last month. Its $74 million in total operating expenses exceeded revenues of nearly $71.7 million during that period.

The most significant expense was $31.8 million for salaries, wages and benefits, followed by a $14.4 million aircraft maintenance bill.

Fuel expenses cost the airline $35,000, down from $73,000 it tallied at the end of July.

Pinnacle saw a lower net loss in July totalling $2.5 million, but it had been able to garner operating income of close to $1.6 million during that month. Pinnacle filed for Chapter 11 bankruptcy protection on 1 April. It announced in August that it would need to find about $76 million in cost savings as part of its restructuring plan, up $33 million from a previous target of $43 million.