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Delta posts $49 million loss in November, down from $181 million loss for November 2005

Delta posts $49 million loss in November, down from $181 million loss for November 2005

Delta Air Lines Inc., the third-largest U.S. carrier, said Friday it narrowed its loss in November to $49 million (euro37.2 million).
The loss for the 30-day period compares to a loss of $181 million (euro137.4 million) that Delta posted for the same month a year ago, the company said in its monthly operating report filed with the U.S. Bankruptcy Court for the Southern District of New York. Atlanta-based Delta filed for Chapter 11 bankruptcy protection in New York in September 2005.
Excluding reorganization items, Delta said its net loss for November was $12 million (euro9.1 million).
Delta recorded revenue of $1.37 billion (euro1.04 billion) in November. It spent $324 million (euro246 million) on aircraft fuel in the month.
As of the end of November, Delta said it had $2.7 billion (euro2.05 billion) of unrestricted cash on hand.
"November's results continue the momentum that will deliver a nearly $2 billion (euro1.52 billion) year-over-year improvement in Delta's net income excluding reorganization items for 2006," Ed Bastian, Delta's chief financial officer, said in a statement.
Delta filed a reorganization plan earlier this month that calls for it to emerge from bankruptcy by the middle of next year as a stand-alone carrier. Tempe, Arizona-based US Airways Group Inc. has made a hostile bid to buy Delta, and Delta's creditors are currently weighing both proposals.
US Airways Chief Executive Doug Parker said in an interview Thursday that his company has no intention to increase its $8.4 billion (euro6.4 billion) offer for Delta and it cannot see itself backing out of its pursuit of Delta for any reason. Delta said Friday as it released its operating report for November that it believes its results show its stand-alone plan is the right course for the airline.
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