US Airways posts record $306m net profit in Q2

Washington DC
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US Airways has reported a record quarterly net profit of $306 million in its second quarter, more than three times the $92 million net profit it posted in the corresponding quarter in 2011.

Revenues in the quarter ending 30 June rose 7.2% to a record $3.8 billion, says the Star Alliance carrier.

Operating expenses grew 0.7% to $3.4 billion. The airline posted an operating income of $404 million, compared with $177 million a year ago.

"Consumer demand for our product remained strong during the second quarter, resulting in record revenue, passenger yields, and unit revenue performance," says the airline's chairman and chief executive Doug Parker.

Passenger traffic during the quarter rose 0.9%, capacity was up 1.4%, resulting in a 0.5 percentage point decline in the passenger load factor to 84.6%.

Passenger revenue per available seat mile (PRASM) grew 5.8% to 12.62 cents in the quarter, while yields were up 6.3% to 14.91 cents. The carrier's operating cost per available seat mile (CASM) fell 0.1% to 13.14 cents.

The airline ended the quarter with 339 aircraft, just one aircraft more than what it had a year ago.